Property: A thriving housing market in Dunfermline and West Fife

Dunfermline continues to be the “hub” for first time buyers in East Central Scotland.

ESPC’s latest property report figures show that house prices in the city rose by 11.7 per cent between July and September compared to the same period last year.

The average price of a house is now £221,640.

In West Fife and Kinross the average rose by 13.9 per cent to £229,547, while in Edinburgh, Lothians, Fife and Borders it rose 9.4 per cent to £299,649.

Sales prices for four-bedroom houses, the most popular property in Dunfermline, rose by 11.8 per cent year-on-year, bringing the new average sale price to £334,068.

The average sale price of two-bedroom properties in the city rose by 6.5 per cent to £124,195.

Sellers in Dunfermline were the most active in the region with the highest proportion of properties listed for sale in this area in July-September 2022, with entry rates increasing by 19.1% year-on-year.

In July-September 2022, properties in East Central Scotland achieved an average of 108.4 per cent of their reported house value – two per cent higher than the same period last year. The number of homes heading to closing date fell 1.1 percent to 36.2 percent.

East Lothian also gained more from the Value of Home report, with properties gaining an average of 111.1 per cent in assessment – up 0.5 per cent year-on-year. This was followed by West Fife and Kinross, where the Home Report Assessment percentage achieved was 108.7%.

The ESPC revealed that the property market in Edinburgh, Lothians, Fife and the Borders is experiencing strong competition for buyers and sellers.

The average time to supply properties was 14 days, with WestFi and Kinross having the fastest sales on average at 11 days.

Three-bedroom and one- and two-bedroom flats in Dunfermline are also selling fast, with all being auctioned within 10 days.

ESPC CEO Paul Hilton said last quarter was another strong three months for the market with plenty of buyer and seller activity.

“While headlines about rising interest rates may give some buyers and sellers pause in the short term, we expect demand for property to continue in the coming weeks and months,” he said.

“July-September 2022 was another busy period for the property market with buyers still willing to pay house report value for many properties.

“Leith, Corstorphine and Dunfermline continue to be hotspots for young families and professionals, while Edinburgh’s city center remains a desirable place to live, with the number of properties increasing significantly in the Home Report review.

“It’s hard to predict what will happen in the next few months, but historically, buying a home is a reasonable long-term investment.”

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