Page 14 - Property market report-Mar-Aug24

in March-August 2023, signalling a very
West Fife & Kinross
increased by 13.2%
Buyers paid
102.3% Properties in
of the Home Report West Fife & Kinross
valuation on average, took 16 days to
down one percentage sell, two days slower
point. than the same time
last year
Average selling prices rise across
West Fife & Kinross.
The average property selling price across West Fife secured 105% of their Home Report valuation figures
& Kinross during March-August 2024 was £214,304, on average, which is substantially higher than many
which is 2.4% higher than the average seen during the neighbouring areas, although still three percentage
same period in 2023. This makes West Fife & Kinross points less than the same time last year.
the second-most affordable region covered by ESPC,
after Dumfries & Galloway. 76.7% of properties for sale sold for at least their
Home Report valuation figure, signalling a healthy
Aberdour was the most expensive area of West Fife market across the region. This is however marginally
& Kinross, with properties here costing an average of lower than the 78.2% seen in March-August 2023,
£453,545. By contrast, Rosyth was the most affordable and significantly below the 95.5% recorded in March-
location, with homes selling for an average of £172,159. August 2022, although it is indicative of the shifts seen
across the wider market.
One-bedroom flats in the popular city of Dunfermline
were the most affordable property type, selling for West Fife & Kinross saw an almost
£93,160 on average, making them a stellar choice for equal boost to both insertions and
first-time buyers or property investors.
sales.
Buyers continued to pay slightly The property market in West Fife & Kinross
above Home Report valuation for experienced a very healthy boost to both property
listings and sales during March-August 2024, with
homes. near-equal increases hinting at a very balanced and
The average percentage of Home Report valuation busy market across the region.
achieved by homes in West Fife & Kinross during
March-August 2024 was 102.3%, which is one New property listings rose by 14.5%, offering buyers
percentage point less than during the same time last plenty of choice across a range of property styles and
year. This means that buyers paid the second-highest budgets. Dunfermline boasted the highest volume of
premium to own a home in West Fife & Kinross, after properties coming onto the market, with levels up 19%
East Lothian and joint with Edinburgh, hinting at the on the same time last year, followed by Inverkeithing,
popularity this area emanates with buyers. Rosyth, Dalgety Bay and Cairneyhill.
Buyers paid the highest premium for homes in 84.1% of sellers chose to list their home for ‘offers
Inverkeithing; properties in this popular coastal town over’, which is a huge uplift from the 64.5% recorded
14 | PROPERTY MARKET REPORT
strong boost in sellers’ confidence in the
local property market.
Sales volumes In near-perfect alignment, sales volumes
across West Fife & Kinross also experienced a
and new property healthy jump of 13.2% year-on-year, hinting at a
listings rose 14.5% in well-balanced and thriving property market across the
good news for the region, with demand almost exactly matching the supply.
local market.
Dunfermline recorded the highest volume of property
sales, followed by Cairneyhill, Cowdenbeath, Crossford and
Aberdour. Three-bedroom houses in Dunfermline were
by far the biggest sellers, but Dunfermline properties of
various sizes and styles (from one-bed flats to five-bed
houses) dominated the biggest-sellers list.
West Fife & Kinross remained the
fastest-selling region with homes flying
off the market.
Properties in West Fife & Kinross moved at a much faster
rate than those in other ESPC regions, with properties
boasting a median selling time of 16 days. This is two days
slower year-on-year but still makes West Fife & Kinross
the fastest-selling region of all areas covered by ESPC.
Two-bedroom houses in Dunfermline were the quickest
sellers overall, flying off the market in just ten days, which
is two days faster than the same time last year.
The speed of sale combined with such a generous boost in
property listings only goes to show the enduring popularity
of West Fife & Kinross, with buyers at all ages and stages
looking to take advantage of the lower property prices and
excellent links and amenities the region offers.
19.8% of properties set a closing date, which is very similar
to the 20.3% seen in March-August 2023 but very different
from the 34.7% seen at the peak of the market in March-
August 2022. We have seen similar statistics and shifts
throughout the regions covered in this report, signalling a
country-wide trend in this regard.
Inverkeithing was especially sought-after, with 50% of
the homes for sale in this area setting a closing date –
in perfect correlation with Inverkeithing securing the
highest percentage of Home Report valuation paid by
competitive buyers.
PROPERTY MARKET REPORT | 15