PROPERTY prices in Dunfermline and West are on the rise according to the latest figures.

The ESPC property report for September showed that the costs of homes in Dunfermline are now 9.2 per cent higher that this tmie last year with an average price of £218,503.

In West Fife, there was a 5.8 per cent increase with the average price now sitting at £229,635.

Across the Edinburgh, Lothians, Fife and Borders region, the average home price went up by 4.9 percent to £290,259.

Despite the increase, Dunfermline remained among the most affordable places overall with one-bedroom flats in the city being the cheapest properties on the market throughout Edinburgh, the Lothians, Fife and the Borders, selling for an average price of £98,150.

Buyers continued to pay closer to the Home Report valuation to secure property.

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Across the region, homes achieved 102.2 per cent of their Home Report valuation during July-September, which is 1.2 per cent less than in the same time last year.

ESPC say this is likely due to an increase in the volume of properties coming onto the market meaning buyers are under less pressure to pay substantial premiums in order to secure a property.

Buyers paid the highest premiums in West Fife and Kinross, with successful bids sitting at 103.2 per cent of the Home Report valuation on average.

This is much the same as the levels seen in July-September 2023, with the level down just three per cent year-on-year.

In the last quarter, the region experienced an "extremely healthy boost" in activity during July-September 2024, with levels of property listings and property sales both significantly up on the same time last year.

The volume of properties coming onto the market was 13.5 per cet higher than the same time last year, meaning that buyers had many more options to choose from, thus lowering the high demand and competitive nature of the market, and increasing the likelihood of being able to secure a property for closer to its Home Report valuation price.

Dunfermline had the greatest volume of properties coming onto the market – with numbers rising by 18.1 per cent – followed by Leith, Corstorphine, Musselburgh and Liberton.

Of the properties listed for sale, 84.5 per cent were marketed using the ‘offers over’ pricing method – 10.7 per cent higher than the levels seen in July-September 2023, indicating high market confidence from sellers despite rising competition.

Aligning with this, sales volumes also rose annually, rocketing 19.3 per cent year-on-year.

The median selling time of property across Edinburgh, the Lothians, Fife and the Borders was 22 days, which is two days slower than the same time last year.

However, this is to be expected as buyers take more time to view the larger numbers of properties on the market, allowing them to be slightly more leisurely with their decision-making – although homes still sold in just over three weeks generally, so the market remained at a healthy pace for sellers.

West Fife and Kinross was the area where properties sold the fastest, with a median selling time of only 15 days – one day slower than last year.

A total of 22.3 per cent of properties across the region went to a closing date, down from 24.9 per cent in the same time period in 2023, however this is to be expected with a larger volume of properties on the market meaning less competition for buyers.

Paul Hilton, CEO of ESPC, said there have been some real reasons to be cheerful over the last quarter.

"There’s been a healthy boost to average selling prices, which is great news for sellers, while for buyers, the volumes of properties coming onto the market, and the reduction in the amount of Home Report valuation paid on average offers plenty of opportunities that were lacking in recent years, especially for those looking to take their first steps onto the property ladder," he said.

"It’s fantastic to see a return to high confidence in the market from buyers and sellers alike, which will keep the market moving well into the autumn months.

“As ever, the East of Edinburgh and especially Leith is proving to be a mainstay when it comes to property hotspots, while Dunfermline has seen a significant leap in average selling prices which hints at increasing demand from buyers in the city.

“With so much happening in the market, there appears to be little sign of slowing down, with high confidence and plenty of options available for those thinking of making a move."