HOUSE prices in Dunfermline and West Fife rose last month – exceeding the average increase for the region.

The ESPC property report for March has revealed that the average selling price in Dunfermline went up by 14.9 per cent to £213,808 while in West Fife, it was up 9.5 per cent to £225,350.

This compares to an average increase of 0.3 per cent across Edinburgh, Lothians, Fife and the Borders where the figure is £270,355.

Dunfermline was home to the most affordable property type with two-bedroom flats coming onto the market at an average of £126,172.

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The property sales volumes across the region went up by 2.6 per cent compared to the same period last year. Two-bedroom flats in Leith were, for the third month in a row, the highest-selling property type, followed by three-bedroom houses in Dunfermline, and Leith’s one-bedroom flats in third place.

Dunfermline had the highest volume of property sales overall however, levels were down 14.7 per cent across the city.

The volume of properties coming onto the market during January-March 2024 rose by 16.5 per cent year-on-year, indicating a surge of confidence in the market from sellers.

Dunfermline had the highest number of properties coming onto the market, and this level was up 29.7 per cent on the same time last year.

During January-March 2024, properties across Edinburgh, the Lothians, Fife and the Borders sold for figures much closer to their Home Report valuation. During this time, buyers paid, on average, 100.9 per cent of the valuation figure to secure a property, which is two per cent less than the same time last year.

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Overall, 68.1 per cent of properties sold for at least their Home Report valuation, which is down from 77.1 per cent last year.

Properties took a median time of 31 days to sell – three days slower than the same time last year with the fastest-moving area being West Fife and Kinross where properties went under offer in 23 days.

Paul Hilton, CEO of ESPC, said the first quarter of 2024 showed a "consistent picture" for the property market, with the trends of the past few months continuing.

"We are certainly seeing a market that is favourable for buyers, with plenty of options available, reduced expectations to pay high premiums, fewer closing dates and longer selling times, giving househunters ample opportunity to shop around to find their ideal home," he added.

"There is plenty of interest and activity among property buyers, but with more properties on the market it allows for calmer seas for those in a position to purchase.

“It’s no surprise to see the trendy neighbourhoods of Edinburgh East commanding so much attention from househunters. It’s home to popular areas such as Leith, Portobello, Bonnington and Brunstane, and the figures certainly show that this part of the capital is ultra-appealing to a broad range of buyers.

"West Fife & Kinross is also home to hot property, with Dunfermline continuing to draw interest across a range of budgets and life stages."