Fife property: Average sale prices rise despite last few months of lockdown
Homes in Fife are selling faster - even if there are fewer coming on to the market.
ESPC said the average selling price has gone up across the region
It anticipates the market will pick up on the back of a rise in requests for valuation reports across this Spring.
ESPC’s assessment reflected the market between December 2020 and February.
It put the average property selling price in east and west Fife, and Kinross, at £218,393 - up 11.9% compared to the previous year.
In east Fife specifically, the average price rose by 19.2% year-on-year, while properties in the west logged a 6.8% increase.
The average selling price in Dunfermline was £195,318 - up 13% – and the volume of property sales in town was up 10.4%. Three bedroom houses topped the popularity poll with buyers.
Dunfermline also boasted the highest number of listings of any town in Fife.
In Kirkcaldy, ESPC reported an 8.4% year-on-year increase in average selling price, while those in Rosyth went up 2.8% increase.
St Andrews proved to be one of the most expensive places to buy property in the region – the average selling price in the university town £358,817, but that was a 0.1% drop on the same same period last year.
Properties in Kirkcaldy experienced an 8.4% year-on-year increase in average selling price, while those in Rosyth saw a 2.8% increase.
Across Fife and Kinross, the number of homes coming to market over the past three months fell by 21.8%.
That year-on-year decline in listings was concentrated in January and February as the ‘stay at home’ guidance and impact of home schooling hit the market.
The average percentage of Home Report valuation achieved in Fife and Kinross was 102.2% compared to 98.9% last year.
Properties in West Fife and Kinross achieved 101.7% compared to 98.6% last year; and East Fife achieved 103.2% compared to 99.5% last year.
Properties in Kirkcaldy achieved an average Home Report valuation of 102.2% - up three percentage points compared to last year.
Paul Hilton, chief executive of ESPC, said demand to move homes was still strong despite the year-long lockdown.
He commented: “With rising selling prices, faster selling times and higher percentages of Home Report valuation achieved, it’s clear that there is still strong demand for homes in Fife and Kinross. The significant decrease in selling time in West Fife and Kinross indicates people are moving quickly to secure the property they want in that area.”And he continued: ““It is likely that fewer homes coming to market in the area is resulting in increased competition for properties at present. However, due to rising number of valuation requests we do expect there to be more homes coming to market in the next couple of months as lockdown restrictions start to ease.
“I’d advise those thinking of buying or selling a home in Fife to speak to their local solicitor estate agent for the latest advice on moving and COVID-19, and expert insight into the buying and selling processes.”