PROPERTY prices in Dunfermline soared by nearly 14 per cent in the last three months compared to the same period last year.

The latest ESPC property report has revealed the average price of a home in the city between August and October is now £223,724 while in West Fife and Kinross, prices were up by 6.4 per cent to £226,565.

In Edinburgh, the Lothians, Fife and the Borders, the average cost was up by 5.3 per cent to £288,071.

Across the region, one-bedroom flats in Dunfermline remained the most affordable properties on the market overall, selling for just under £100,000 with an average selling price of £99,383.

Buyers continued to pay closer to Home Report valuations, but some areas saw increases.

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Properties attained on average 102.1 per cent of their Home Report valuation figure during August-October 2024, which is down 1.1 per cent down on the same time last year.

A total of 75.6 per cent of properties sold for at least their Home Report valuation during this period, down from 78.7 per cent during the same time last year.

Buyers paid the highest premium for homes in West Fife & Kinross, with properties achieving 103.6 per cent of their valuation on average – 0.7 per cent more than the same time last year.

The last quarter was an incredibly busy period for the property market across Edinburgh, the Lothians, Fife and the Borders, with significant increases in the volumes of both new property listings and subsequent property sales.

There was an 11.2 per cent increase in the volume of properties coming onto the market. Dunfermline provided the highest volume of property listings. followed by Leith and Corstorphine.

Two-bedroom flats in Leith were the top sellers, closely followed by three-bedroom houses in Dunfermline, whose sales volumes were up 10 per cent.

The median property selling time during August-October 2024 was 21 days, which is exactly the same as in 2023.

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Homes in West Fife and Kinross were the quickest to sell, going under offer in just 13 days, which is four days faster than the same period last year.

Commenting on the latest figures, ESPC's CEO, Paul Hilton said the latest statistics indicated a "clear bounce-back" for the Scottish property market over the late summer and into early autumn.

"Interestingly, as mortgage rates were finally reduced in August 2024, the figures for August-October show an increasingly positive report in terms of activity, with the levels of property listings and sales significantly up on the same time last year," he said.

"This hints at strong confidence in the market and a great desire from both homeowners and buyers to move up or onto the property ladder now that the overall financial climate offers a better picture than we have seen so far this year, or indeed in the last couple of years.

“As ever, Dunfermline and the areas around Leith and the East of Edinburgh continue to be property hotspots, especially with first-time buyers and those moving up the property ladder into their first family homes. There’s also been positive signs across the Borders too, with family homes selling quickly and property prices rising, while also allowing the opportunity to purchase property close to its valuation price."