PROPERTY prices have risen by 12 per cent in Dunfermline.

The ESPC report for March revealed that the average cost of a property between January and March was £195,786 – compared to £174,796 in the same period last year.

There was also an increase in West Fife and Kinross where the figure rose by 7.2 per cent to £190,869.

The average in Edinburgh, the Lothians, Fife and the Borders went up to £259,013, an increase of 7.5 per cent.

Across the region, the median selling time was 26 days, one day faster than last year and 102.1 per cent of Home Report valuations on average were achieved compared to 102.3 per cent in 2020.

West Fife and Kinross experienced a two-week drop in median selling time compared to last year.

The total number of properties coming to market over the past three months in these areas was similar to last year, up just 0.1 per cent.

The volume of property sales from January to March was up 55.7 per cent compared to last year. ESPC say this reflected how busy the market was in the second half of 2020.

CEO Paul Hilton said the first three months of 2021 saw a "real spike" in property sales compared to the previous year.

"This is to be expected given how busy the market was at the end of 2020 but the LBTT (Land and Buildings Transaction Tax) holiday coming to an end in March may also have contributed to increased sales," he said.

“We are starting to see evidence of more homes coming to market, after declines in January and February. This could be due to increasing confidence from sellers as lockdown restrictions ease and pupils return to school.

"Lower supply of homes has restricted the market in recent months so an increase in listings may come as good news to buyers.

“However, with the re-opening of the First Home Fund and launch of the 95 per cent mortgage guarantee scheme, it is likely buyer demand will remain very strong in the upcoming months, resulting in the market remaining reasonably competitive.

“As ever, those looking to buy or sell a property in the near future should consult a solicitor estate agent in the first instance, as they can provide advice on the process and also the latest COVID-19 guidance on moving home.”