Midlothian house prices drop

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House prices dropped in Midlothian in August, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 1.5 per cent annual growth.

The average Midlothian house price in August was £184,980, Land Registry figures show – a one per cent decrease on July.

Over the month, the picture was worse than that across Scotland, where prices increased 0.3 per cent , and Midlothian under-performed compared to the 0.8 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Midlothian rose by £2,700 – putting the area 19th among Scotland’s 32 local authorities for annual growth.

The best annual growth in Scotland was in the Outer Hebrides, where properties increased on average by 11.5 per cent, to £122,000. At the other end of the scale, properties in Aberdeen dropped 8.3 per cent in value, giving an average price of £146,000.

Owners of flats fared worst in Midlothian in August – they dropped 1.3 per cent in price, to £116,763 on average . Over the last year, prices remained static.

Detached: down 0.4 per cent monthly; up 2.2 per cent annually; £331,168 average

Semi-detached: down 1 per cent monthly; up 1.9 per cent annually; £197,104 average

Terraced: down 1.1 per cent monthly; up 1.5 per cent annually; £154,921 average

First-time buyers in Midlothian spent an average of £ 155,000 on their property – £1,800 more than a year ago, and £31,400 more than in August 2014.

By comparison, former owner-occupiers paid £ 214,900 on average in August – 38.6 per cent more than first-time buyers.

Buyers paid 19.7 per cent more than the average price in Scotland (£155,000) in August for a property in Midlothian. Across Scotland, property prices are low compared to those across the UK, where the average cost £235,000.

The most expensive properties in Scotland were in Edinburgh – £266,000 on average, and 1.4 times as much as in Midlothian. Edinburgh properties cost 2.6 times as much as homes in East Ayrshire (£101,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average August sale price of £1.3 million could buy 15 properties in Burnley (average £84,000).