Edinburgh market still booming local firm reports


Wed 25th Jul, 16:49:08 BST
In spite of recent concerns that the property market is set to experience a slowdown, property professionals in Edinburgh are reporting increased business and a mood of "cautious optimism" among both buyers and sellers.

Scott Brown, one of the leading property lawyers working in the Scottish capital, has stated that his firm, Warners, has achieved record sales during the first half of 2007, with the city's market showing "no real signs" of starting to decline.

According to Mr Brown, home sales through his firm totalled £100.5 million over the period, a 16.5 per cent increase on the previous six months, though this fails to take into account a significant number of deals yet to be completed.

"We had a record year in 2005 and thought that was a peak," he said.

"Then we had an even better year in 2006 and thought things would inevitably slow down.

"Even interest rate rises have had little effect on the market and there remains an air of cautious optimism."

The comments come soon after the Bank of Scotland reported that annual house price inflation in Scotland now stands at 15.9 per cent in comparison to a UK average of 10.7 per cent.

Edinburgh remains the most expensive place for buyers in the country, with the average home now costing £222,441, 17 per cent more than in 2006.



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