Median price at August 2008: £219,124

General increase since Sept 2007: -1%

Projected increase to Sept 2009: 0-2%

Five-year increase: 51% (£145,188)

Ten-year increase: 185% (£76,943)

The complete Edinburgh East price guide

It is perhaps hard to believe that as recently as 2004 you could still find the odd flat on Leith Walk in Edinburgh for under £100,000 — and that was despite an annual increase of more than 24% in the previous 12 months.

Even though those flats have failed to accrue any capital gains this year, they will still set you back £130,000 today — a sum that puts them well out of the budget of a single capital buyer earning the average Scottish wage of about £29,000 a year.

Last time around, the naysayers turned their attention to the mass swath of new development at the waterside in their pursuit of portents of doom. This time they can take their pick, as all sectors, all property types and all areas have been similarly affected by the downturn precipitated by the collapse of Northern Rock earlier this year.

As The ESPC’s David Marshall says: “There is more supply than demand, sales volumes are down and average prices are falling. Buyers are in a strong position to negotiate prices downwards.

“There are two big constraints overshadowing everything: a lack of available credit for first-time buyers and genuine affordability issues following an unprecedented period of growth that was never indefinitely sustainable.”

With first-time buyer competition dispersed short term, buy-to-let investors could loom back into view following a growth in both rental yields and demand from those who can’t yet buy.

“Demand for family homes is higher than for starter homes and we could see prices fall by as much as 10% in the flat sector unless affordability or credit improves,” says Marshall. “There are no quick capital returns any more, but there are good rental yields to be had.”

For those in Edinburgh East licking their wounds, there is some consolation. “It isn’t confined to Edinburgh East,” says Marshall. “These are issues we are feeling across the board.”

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