ESPC: Fife and Kinross see faster selling times as fewer homes come to market

In East Fife, the average price rose by 19.2 per cent year-on-year, while properties in West Fife & Kinross experienced a 6.8 per cent increase in average selling price.

Properties in Dunfermline had an average selling price of £195,318 over the past three months, up 13.4 per cent compared to the previous year. However, the East Fife town of St Andrews proved to be one of the most expensive places to buy property in Fife – the average selling price from December to February was £358,817, down 0.1 per cent compared to the same period last year.

Properties in Kirkcaldy experienced an 8.4 per cent year-on-year increase in average selling price, while those in Rosyth saw a 2.8 per cent increase.

In Fife and Kinross, during this period the volume of property sales rose 13 per cent year-on-year. West Fife and Kinross saw a 13.7 per cent increase, while East Fife saw an 11.9 per cent rise.

The volume of property sales in Dunfermline was also up 10.4 per cent, while it was up 12.5 per cent in St Andrews. Three bedroom houses in Dunfermline boasted the greatest volume of property sales in Fife during this time.

Across Fife and Kinross, the number of homes coming to market over the past three months fell by 21.8 per cent. In East Fife, the number of new listings was down 25.3 per cent while in West Fife and Kinross the number of homes coming to market fell by 20.3 per cent.

This year-on-year decline in listings was concentrated in January and February 2021. There are a few possible reasons for that, including the strong start to 2020 in terms of homes coming to market, the current stay-at-home guidance and impact of home schooling.

Dunfermline boasted the highest number of listings of any town in Fife, followed by St Andrews, Kirkcaldy and Rosyth.

The median time for a property to be placed under offer in Fife and Kinross over the past three months was 17 days, 17 days faster than last year.

In East Fife, properties had a median selling time of 29 days compared to 38 days last year. In West Fife and Kinross, the median selling time was 13 days, 20 days faster than last year. Properties in Dunfermline had a median selling time of 13 days, 21 days faster than last year.

From December 2020 to February 2021, the average percentage of Home Report valuation achieved in Fife and Kinross was 102.2 per cent compared to 98.9 per cent last year. Properties in West Fife and Kinross achieved 101.7 per cent compared to 98.6 per cent last year, while those in East Fife achieved 103.2 per cent compared to 99.5 per cent last year.

Properties in Kirkcaldy achieved an average Home Report valuation of 102.2 per cent, up three percentage points compared to last year.

Paul Hilton, CEO of ESPC, said: “With rising selling prices, faster selling times and higher percentages of Home Report valuation achieved, it’s clear that there is still strong demand for homes in Fife and Kinross. The significant decrease in selling time in West Fife and Kinross indicates people are moving quickly to secure the property they want in that area.

“It is likely that fewer homes coming to market in the area is resulting in increased competition for properties at present. However, due to rising number of valuation requests we do expect there to be more homes coming to market in the next couple of months as lockdown restrictions start to ease.

“I’d advise those thinking of buying or selling a home in Fife to speak to their local solicitor estate agent for the latest advice on moving and Covid-19, and expert insight into the buying and selling processes.”