Dumfries & Galloway Property Market Update: May-October 2021
Dumfries & Galloway Property Market Update: Key Points
- The average selling price rose to £166,331 during May-October 2021.
- Properties attained 107.7% of Home Report valuation, up 9.3 percentage points.
- Selling times were 28 days quicker over the past six months than they were during the same time in 2020.
- Castle Douglas saw the highest number of properties listed, up 45% on May-October 2020.
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Average selling prices rise across Dumfries & Galloway
The average selling price for properties in Dumfries & Galloway rose 7.9% during May-October 2021, to £166,331.
Homes in the Nithsdale area saw the biggest rise overall, with properties selling for 16.5% more than they did last year, at an average of £165,903.
The most affordable type of property was two-bedroom flats located in Dumfries Town; their average selling price was £77,801.
Buyers pay more over Home Report valuations
Across Dumfries & Galloway, buyers keen to secure a rural home were paying over Home Report valuation in order to better their chances of success. On average, properties here attained 107.7% of their Home Report valuations, up 9.3 percentage points on the same time last year.
Properties in Stewartry experienced the biggest leap in the amount paid, as well as seeing the highest amount paid over Home Report overall. Buyers keen to move here paid 116.7% of Home Report valuation on average, which is 16.7 percentage points higher than May-October 2020.
Homes sell faster across the region
Demand ramped up for a rural home in the Dumfries & Galloway region, with selling times 28 days quicker than they were during the same time in 2020. During May-October, properties here had a median selling time of 23 days from coming on to the market, to going under offer.
Homes sold the fastest in Nithsdale, with a median selling time of only 15 days, 150 days quicker than the same time in 2020.
Meanwhile, the biggest change in median selling times was seen in Annandale & Eskdale, where homes went under offer 166 days faster than they did last year, with a median selling time of 17 days.
The property type that went under offer the fastest was two-bedroom houses in Dumfries Town, which had a median selling time of 19 days.
Sales volumes and properties coming to market both on the rise
Three-bedroom houses in Dumfries Town saw the highest volumes of sales across Dumfries & Galloway, up 50% on the same time last year. This type of property had an average selling price of £146,875.
In terms of properties coming to market, Castle Douglas saw the highest number of properties listed, up 45% on May-October 2020.
Expert insights from ESPC and local firm, Walker & Sharpe
Paul Hilton, CEO of ESPC, said: “The property market in Dumfries and Galloway had seen a resilient past six months, with increases in average selling prices, faster selling times and larger numbers of buyers paying increasing amounts over property Home Report valuations in order to secure a home in the area.
“Clearly, there is consistent demand for buyers searching for homes in the charming rural communities of Dumfries & Galloway, which is consistent with trends that we’ve been seeing across many of our market areas. Buyers are looking for more space, their own gardens, access to the countryside and have less of a need to be within touching distance of the major cities, making Dumfries & Galloway an attractive prospect for many looking for a lifestyle change.”
Neil Webster, solicitor at Dumfries-based firm Walker & Sharpe, commented: “There has been very little sign of the property market in Dumfries and Galloway slowing down in recent months. Demand from purchasers remains high, and we are seeing many more properties than usual going to closing dates. Competition for rural properties continues to be particularly fierce. In such a competitive market, purchasers are very keen to find out as early as possible when a new property becomes available. Purchasers and sellers are becoming increasingly aware of the benefits of the ESPC Exclusive facility.”
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