Page 21 - Property market report-Mar-Aug24

New property Buyers paid
listings increased 98.9% of the
Dumfries & Galloway sales volumes rose Home Report valuation
by 9.2% while

4.7% year-on-year on average, down 2.2
percentage points
The average
property selling price in
12.3% Dumfries & Galloway Properties in
Average property prices experienced a of homes for sale rose 7.8% annually to Dumfries & Galloway
significant boost compared to summer had a closing £187,451 during took 39 days
date set March-August to go under offer
2023. 2024

The average property price in Dumfries & Galloway during
March-August 2024 was £187,451; this is a significant 7.8%
higher than the average seen in March-August 2023. Even
with such a notable jump in average prices, Dumfries & Big boosts to new property listings by Kirkcudbright, Castle Douglas, Dalbeattie and
Galloway remains the most affordable region covered by Langholm.
were supported by healthy rise in
ESPC in which to purchase a property.
sales. The data reveals that there was no short supply
Dumfries Town was the most affordable area in the region, The property market across Dumfries & Galloway of family buyers in the market across Dumfries &
with properties selling for an average of £140,555. Meanwhile, enjoyed a healthy burst of activity during March- Galloway; three-bedroom houses in Kirkcudbright were
Kirkcudbright was the most expensive place, with an average August 2024, with notable rises in both new property the most popular properties to sell, followed by three-
property selling price of £248,524. insertions and sales. bedroom houses in Castle Douglas. Coincidentally
these were also the two most-commonly listed

Buyers were largely able to secure The volume of new properties coming onto the property types.
market rose by 9.2% compared to March-August
properties for under Home Report 2023, which offered excellent opportunities for keen Properties moved at a slower pace
valuation. buyers to enjoy plentiful options across the region as buyers took time to consider their
(and as we have seen, may be responsible for the
Dumfries & Galloway offered ample potential for savvy options.
lower amounts of Home Report valuation achieved
buyers to secure properties for under the Home Report
overall). The property market across Dumfries & Galloway
valuation, with properties achieving an average of 98.9% of
moved at a slower pace than other ESPC regions, with
their Home Report valuation figure during March-August
Kirkcudbright was where the most properties were a median selling time of 39 days during March-August
2024. This is 2.2 percentage points lower than in March-
listed for sale, with volumes up 21.9% on the same 2024. However, this is just one day slower than the
August 2023, but as we have seen in most regions covered
time last year, followed by Dumfries Town, Castle median selling time of March-August 2023, highlighting
in this report, this is an ongoing and widespread trend largely
Douglas, Dalbeattie and Thornhill. that the market is very stable and consistent with
down to the influx of properties coming onto the market,
the same time last year. It is, however, 11 days slower
thus reducing the competition for buyers and allowing them
79.1% of properties listed for sale were marketed than the median selling time seen at the height of
to make bids closer to, or even under, the valuation figure.
using the ‘offers over’ listing method, up from 75% the market in March-August 2022, which clearly
last year, which indicates high seller confidence demonstrates how much the market can change and
Buyers paid the highest premium for properties in the despite rising numbers of homes coming onto the shift in just two short years.
sought-after scenic Gatehouse of Fleet; homes here market.
attracted an average successful bid of 103% of the Home 12.3% of properties for sale set a closing date, which is
Report valuation. By contrast, savvy buyers could find the The volume of property sales also enjoyed a healthy indicative of the lowered pressure on buyers and the
biggest bargains in Dumfries Town, with properties here boost, with levels up 4.7% on March-August 2023. overall less competitive nature of the market across
attaining 95.1% of the Home Report valuation on average, This means that there were more properties available Dumfries & Galloway – this is also down from 15.5%
which is 5.7 percentage points less than in the same time last than proceedable buyers, which may account for seen in March-August 2023. However, Langholm was
year; however, this may be down to the fact that Dumfries slower median selling times, but the market still clearly an area in high demand, with 20% of homes for
Town offered many more properties for sale, allowing buyers moved at a good pace. Dumfries Town boasted sale in this location setting a closing date (20% up on
to enjoy more options and lower pressure to pay premiums. the highest volume of property sales, followed last year).

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