EDINBURGH Solicitors Property Centre is report-ing record results for 1997 with sales of second-hand houses and flats in excess of #1bn. Just short of 15,000 houses and flats have been sold throughout Edinburgh and the Lothians, Fife and Kinross as well as in the Stirling, Clackmannan and Falkirk areas.
ESPC chairman George Clark comments: ''In and around Edinburgh 12,926 property sales during the year realised #983m, with an average price of #72,178 paid. This represents an increase of 6.61% on 1996 prices, when total sales of #860m had yielded an average price of #67,705.''
A fourth quarter comparison of figures relating to the capital shows that the number of properties sold remains the same as that of the final three months of 1996. Average prices paid rose 5.35% to stand at #73,492. Price increases have been recorded across all property categories in the city with a particular push in the city centre, perhaps - though it may be a bit too soon to speculate - as a result of the referendum.
According to ESPC's report,1997 saw a significant boost to prices in the suburbs - with the exception of modern semis. It believes a possible explanation is that, as the upsurge in city-centre prices continued, many people chose to look at the suburbs for their next move. Seen from time to time, this cycle is often accompanied by a drift out to the Lothians.
In the Stirling and Falkirk areas, sales amounting to #47.7m for 1997 are in line with those of 1996, with the number of transactions in Stirling up by 7%.
George Clark adds: ''1997 proved a very satisfactory year for the property market as a whole. In spite of a slow start, there was a marked acceleration as the year gathered pace with the General Election and referendum representing major landmarks. This is the 25th year in which ESPC has measured house price statistics and we've seen average house prices rise by around 800%. And in spite of the recession and its impact on much of the UK, prices have doubled in the last 10 years. In a quarter of a century we've never recorded a dip in average prices paid. Looking ahead, 1998 promises to be another busy year as the decision to locate a parliament in Edinburgh begins to work its way through.
''Edinburgh is set to be a vibrant European capital and these are exciting times for those who work here.''
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