HOUSE Prices in Dunfermline fell in the last quarter compared to the same period the previous year.

The average cost of a property in Dunfermline is now £194,839, a drop of 5.3 per cent compared to 2022's figures, according to the latest ESPC Property Report. In West Fife and Kinross, the average was £208,859, a slight drop of 0.5 per cent.

Across Edinburgh, Lothians, Fife and the Borders, the average was down 6.6 per cent to a price of £273,348.

READ MORE: Record number of bird species spotted near former West Fife power station site

The most affordable property type on the market across the region was one-bedroom flats in Dunfermline, which reported an average selling price of £101,525.

After several years of buyers generally paying a high premium above the valuation figure, the current market saw buyers securing their next home closer to the Home Report valuation, with properties achieving 102.6 per cent of the valuation on average.

Across the region, the median time for properties to go under offer was 21 days, which is five days slower than the same time last year.

READ MORE: Firefighters called to fire in grounds of Dunfermline cemetery

Sellers in West Fife and Kinross accepted offers the fastest, in a median time of just 18 days.

Two and three bedroom houses in Dunfermline recorded swift sales, going under offer in a median time of 13 days, showing how strong demand is for affordable family homes in the city.

Across Edinburgh, the Lothians, Fife and the Borders, there was an increase in the number of properties coming to the market during September-November 2023, with levels up 3.1 per cent compared to the same time last year.

Dunfermline, West Fife and Kinross, and Corstorphine and Leith in Edinburgh listed the highest numbers of properties coming to the market.

Paul Hilton, CEO of ESPC, said the last three months presented a "very mixed bag" for the local property market, with much variation in the figures across the region.

"We can see how this boils down to demand for certain property types, and the buyers that are currently in the market," he said.

"Average selling prices have declined, which may mean good news for buyers but can be alarming for homeowners. Therefore, it’s important to look at the context of this reduction, with one reason being an influx of smaller properties coming to the market, which skews the average figures – so we want to reassure homeowners that there hasn’t been a dramatic drop in the value of property overall.

“There is much to be positive about for first-time buyers, with lower prices in certain regions, fewer closing dates reducing the expectation of bidding a high premium to secure a property, and slightly slower selling times allowing for more considered decision making, as well as more options on the market to choose from.

"It currently appears to be a no-nonsense market, with buyers keen to make the ‘right’ choice and sellers looking for a smooth, swift sales process across the board.

“With the Bank of England’s recent decision to pause interest rates over the last few months, it’s a positive sign that the market is picking up with more properties being listed for sale – a clear sign of homeowners being keen to make a move, coupled with increasing buyer confidence.

"As hopes rise that the interest rates will continue to be frozen, with a gradual decline in the months to come, we look forward to seeing how this could positively impact the market as we approach 2024."