House prices in city fall in last quarter
HOUSE Prices in Dunfermline fell in the last quarter compared to the same period the previous year.
The average cost of a property in Dunfermline is now £194,839, a drop of 5.3 per cent compared to 2022’s figures, according to the latest ESPC Property Report.
In West Fife and Kinross, the average was £208,859, a slight drop of 0.5 per cent.
Across Edinburgh, Lothians, Fife and the Borders, the average was down 6.6 per cent to a price of £273,348.
The most affordable property type on the market across the region was one-bedroom flats in Dunfermline, which reported an average selling price of £101,525.
After several years of buyers generally paying a high premium above the valuation figure, the current market saw buyers securing their next home closer to the Home Report valuation, with properties achieving 102.6 per cent of the valuation on average.
Across the region, the median time for properties to go under offer was 21 days, which is five days slower than the same time last year.
Sellers in West Fife and Kinross accepted offers the fastest, in a median time of just 18 days.
Two and three bedroom houses in Dunfermline recorded swift sales, going under offer in a median time of 13 days, showing how strong demand is for affordable family homes in the city.
Across Edinburgh, the Lothians, Fife and the Borders, there was an increase in the number of properties coming to the market during September-November 2023, with levels up 3.1 per cent compared to the same time last year.
Dunfermline, West Fife and Kinross, and Corstorphine and Leith in Edinburgh listed the highest numbers of properties coming to the market.
Paul Hilton, CEO of ESPC, said the last three months presented a “very mixed bag” for the local property market, with much variation in the figures across the region.
“Average selling prices have declined, which may mean good news for buyers but can be alarming for homeowners, he said.
“Therefore, it’s important to look at the context of this reduction, with one reason being an influx of smaller properties coming to the market, which skews the average figures so we want to reassure homeowners that there hasn’t been a dramatic drop in the value of property overall.”