Property prices on the up in Dunfermline and West Fife
The ESPC property report has revealed that the average price of a home in Dunfermline is now £200,455, which is up 6.6 per cent from the same period last year.
In West Fife and Kinross, there was a 1.9 per cent increase up to £214,511 while the average price across Edinburgh, Lothians, Fife and the Borders was up by 1.6 per cent to £270,084.
Dunfermline boasted the most affordable property type on the market in the region with two-bedroom flats selling at an average price of £114,037.
The city also had the highest volume of new property listings, with a 15.8 increase compared to last year’s statistics.
Across the region between February and April, buyers continued to make the most of a highly saturated property market as they were able to secure properties closer to the Home Report valuation, paying an average of 101.6 per cent of the Home Report valuation which is 1.1 per cent less than last year.
Selling times increased with the average time taken being 33 days which is six days slower than the same time last year.
Homes in West Fife and Kinross sold the quickest, taking 22 days to go under offer, although this is also six days slower last year.
A total of 20.4 per cent of properties for sale across Edinburgh, the Lothians, Fife and the Borders went to a closing date which is down from 23 per cent in 2023.
ESPC CEO Paul Hilton said the data was consistent to what has been seen over the last few months.
“Overall, we’re seeing a huge influx of properties coming onto the market (up 37 per cent in April alone versus last year), perhaps as a result of fixed mortgage terms coming to an end and homeowners deciding to move on to a new home, rather than absorb a higher cost in their existing property,” he said.
“This is teamed with lower numbers of buyers in the market, meaning that for the buyers that are ready and able, they can enjoy a huge variety of options to choose from that the market hasn’t offered in a long time.
“While this means slower selling times and lower bids, with less of a need to pay a premium to secure a home, sellers appear to remain confident in the market and are continuing to list their homes in high numbers, as well as choosing to list their homes using the ‘offers over’ marketing method. Of course, sellers themselves can also benefit from the abundance of properties to choose from if they are also making an onward purchase.
“It’s not the easiest market for sellers, which is why it’s more important than ever to consult your local solicitor estate agent for up-to-date advice on the latest market trends and the best way to market your property, including setting it at the correct price to attract the most attention in a crowded marketplace.”
