PROPERTY prices in Dunfermline and West Fife rose slightly in February compared to last year.

The ESPC property report for last month showed the average cost of a home in Dunfermline is now £212,600, up by 4.3 per cent, while in West Fife and Kinross, it was up by 5.2 per cent to £224,611.

Across Edinburgh, Lothians, Fife and the Borders, the figure was down by one per cent Although sales volumes were down by 15.4 per cent, Dunfermline offered the highest number of new property listings, providing a big choice for buyers in the area.

Three-bedroom houses in the West Fife city were the third most-popular property type, with sales volumes up 30 per cent year-on-year.

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The volume of new properties in the Edinburgh, Lothians, Fife and Borders region coming onto the market rose by a significant margin of 21.8 per cent during December-February, indicating that currently, buyers have plentiful options to choose from.

Dunfermline had the most properties listed for sale, with insertions up by 22.9 per cent, followed by Leith, where levels were 19.7 per cent higher.

The most affordable property type overall was two-bedroom flats in Dunfermline, with an average selling price of £136,909. In Edinburgh, the most affordable property type was once again, one-bedroom flats in Gorgie, with a price tag of £149,981 on average.

During December-February, the average amount of the Home Report valuation achieved by homes in Edinburgh, the Lothians, Fife and the Borders was 101.2 per cent, which is 2.3 per cent less than the same time the previous year.

Properties for sale in Edinburgh, the Lothians, Fife and the Borders had a median selling time of 27 days during December-February, which is five days slower year-on-year.

Homes in West Fife & Kinross were the quickest sellers overall, going under offer in 22 days, which is one day faster than last year's figures.

A total of 19.6 per cent of properties for sale across the region went to a closing date, which is down from 22.8 per cent in December 2022-February 2023, and down further from 34 per cent in December 2021-February 2022.

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ESPC's CEO, Paul Hilton, said the property market for the last three months appeared to be working in buyers' favour.

"A higher volume of homes for sale means that in turn, homes sell at a slower pace, fewer closing dates are set, and there is a reduced need to make significant overbids to secure homes," he explained.

"We need buyers with intention and drive, and for the market to make it possible for them to purchase – this appears to be the case currently, with a good balance of buyers and sellers compared to previous years, which will help everyone move on up the ladder.

"This is filtering through to sellers too, who are continuing to show confidence in the market, by listing their homes at offers over and continuing to list their homes in droves, despite news of increased competition.

“It’s incredibly interesting to see where demand currently lies, with our data indicating strong buyer interest in areas that are traditionally more affordable than many parts of Edinburgh, East Fife and East Lothian, with Dunfermline, Leith, Musselburgh and Corstorphine proving especially popular month after month."