Page 20 - ESPC Property Market Report - Mar-Aug 2023

DUMFRIES & GALLOWAY
Average selling price decreased
across the region
The average property selling price in
Dumfries & Galloway fell 6.5% annually
during March-August 2023, with the new
average sitting at £174,029.
Kirkcudbright was the most expensive place in
the region to buy a property, with the average
selling price here reaching £221,403. Dalbeattie
was the most affordable area, as properties
here sold for an average of £146,820.
The town of Moffat experienced the biggest
rise in average selling price compared to the
15.5% same time last year, with a rise of 5.1% taking
of properties for the average to £211,000.
sale went to a
closing date
Buyers bid less over the Home
Report valuation to secure
New property
listings increased properties
30.1% In line with much of the wider market in this
across the report, buyers in Dumfries & Galloway chose
region
to bid less over the Home Report valuation
for properties than in previous years. During
March-August 2023, buyers paid an average
of 101.1% of the Home Report valuation,
down four percentage points on the same
time last year.
Buyers paid the most over the Home Report
valuation to secure a home in sought-after
Kirkcudbright, as properties here achieved
105% of their valuation on average.
68.3% of homes for sale in Dumfries &
Galloway sold for at least their Home Report
valuation, down from 77.6% the previous year.
Editorial credit: John Messingham / Shutterstock.com
20 | PROPERTY MARKET REPORT
The average selling price Properties took
of property in Dumfries
& Galloway was
£174,029
during March-August
2023, down 6.5%
year-on-year. The volume of
property sales in
Dumfries & Galloway
increased
12.6%,
year-on-year
Homes took ten days longer to sell,
with fewer closing dates set
Properties in Dumfries & Galloway went under
offer in a median time of 38 days during March-
August 2023, ten days slower than the same time
last year.
Homes in the Gatehouse of Fleet area sold the
fastest, with a median selling time of 26 days,
three days slower than March-August 2022.
15.5% of homes for sale in Dumfries & Galloway
went to a closing date, down from 26.7% in March-
August 2022 – however, this decline brings the
current figure closer to that seen in March-August
2021, when 18.2% of homes had a closing date set.
Homes in Dalbeattie and Dumfries Town were
in high demand with house-hunters, as 20% of
Dalbeattie homes, and 19% in Dumfries Town had
closing dates set.
Sales volumes increased across the
region as buyers took action
The volume of property sales in Dumfries &
Galloway increased 12.6% year-on-year during
March-August 2023, perhaps due to this region
offering a more affordable alternative to
surrounding locations, along with highly-rated
schooling and amenities.
38 days
to go under offer
Buyers paid
101.1%
of the Home Report
valuation, down four
percentage points
Dumfries Town was the most popular area to
purchase a home in, and the volume of property
sales in this location rose 17.4% annually. This
was followed by: Castle Douglas (where levels
rose 26.3%); Kirkcudbright, up 43.8%; Moffat,
where sales volumes rose significantly by 83.3%;
and Dalbeattie, where sales volumes were down
by 16.7%.
Three-bedroom houses in Kirkcudbright sold
in the highest volumes throughout Dumfries
& Galloway. The average selling price for this
property type was £218,628.
Significant increases in properties
coming to the market across
Dumfries & Galloway
The number of new properties being listed for
sale in Dumfries & Galloway increased 30.1%
annually during March-August 2023.
Castle Douglas had the highest number of
properties being listed for sale, and the level of
new property listings here rose by 88.9% annually.
The other areas that saw high levels of properties
coming to the market were: Kirkcudbright, where
insertions rose 52.4% year-on-year; Dumfries,
where levels fell 3.4%; Thornhill, up 240%
annually; and Lockerbie, which declined by 6.3%.
PROPERTY MARKET REPORT | 21