THE number of new property listings rose in Dunfermline in the last quarter despite the average price for a home seeing a slight fall.

The ESPC Property report for March showed the average cost of a home in the city go down by 1.1 per cent to £216,614.

In West Fife and Kinross, there was a 6.3 per cent increase however with the average property now selling for £206,158,

Across Edinburgh, the Lothians, Fife and the Borders, the average was up by one per cent to £270,284.

Between January and March, new property listings in the region were down by 2.6 per cent year-on-year as homeowners waited to see how the market panned out before listing a property for sale.

However, lots of ESPC areas saw an increase in popularity with new property listings increasing in several places including Dunfermline where there was a 26.7 per cent increase.

The number of property sales across Edinburgh, the Lothians, Fife and the Borders reduced by 13.1 per cent annually, with localised rises and falls in sales volumes highlighting regionalised variations in the property market. For instance, in West Fife and Kinross, sales volumes were down by 13.2 per cent.

ESPC data for the first quarter of 2023 shows selling prices remaining consistent but that properties are taking slightly longer to sell as buyers adopt a slightly more cautious approach.

While there continues to be "strong interest" in home buying and selling with relatively quick selling times and high levels of the Home Report valuation being achieved, these are down year-on-year in comparison to high volumes recorded during the pandemic.

In the last quarter, 76.9 per cent of properties sold for their Home Report valuation or higher, with the average property achieving 102.8 per cent of Home Report valuation at sale.

The median selling time cooled slightly and now sits at 28 days across East Central Scotland – nine days slower annually and one day slower than the same period in 2019.

Paul Hilton, CEO of ESPC, said they are seeing a slow down in the market.

“The post-pandemic era has seen an incredibly buoyant property market with a distinct lack of housing stock, coupled with high selling prices and quick selling times," he explained.

“However, in the first quarter of 2023, we are seeing clear signs that the market is cooling and returning to more normal levels last seen in 2019.

“Due to the cost-of-living crisis and interest rates increases, we can see that buyers are taking affordability into account reflected in a slightly slower speed of sale and some reduction in sales volumes.

“There has been continued interest in out-of-town areas such as South Queensferry, Dunfermline and Musselburgh which are popular with first-time buyers who are seeking homes with more space and good transport links to the city centre."