Fife and Kinross property market update
Fife property market data - key points
- From December 2020 to February 2021, the average selling price in East Fife, West Fife and Kinross was £218,393, up 11.9% compared to the same period last year.
- The property sales volume in these areas over this time was up 13% year-on-year.
- The number of homes coming to market was down by 21.8% year-on-year.
- In Fife and Kinross, the median days for a property to be placed under offer was 17 days, which was 17 days faster than last year.
- During this time, homes in these areas were sold for 102.2% of Home Report valuation on average, compared to 98.9% last year.
Between December 2020 and February 2021, the average property selling price in East Fife, West Fife and Kinross was £218,393, up 11.9% compared to the previous year.
Properties in Dunfermline had an average selling price of £195,318 over the past three months, up 13.4% 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% compared to the same period last year.
The volume of property sales in Dunfermline was also up 10.4%, while it was up 12.5% 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%. In East Fife, the number of new listings was down 25.3% while in West Fife and Kinross the number of homes coming to market fell by 20.3%.
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.
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.
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% compared to 98.9% last year.
Properties in Kirkcaldy achieved an average Home Report valuation of 102.2%, 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 house and COVID-19, and expert insight into the buying and selling processes.”
Elaine Kyle, Senior Valuer at Morgans Property, said: “There has been no slow down in properties going under offer. Short supply and high demand has resulted in closing dates for almost 70% of properties that we list in Dunfermline and West Fife villages. Some properties are achieved on average between 10-15% over the asking price, and in certain instances properties are also selling within a week of marketing.
“New listings were slightly down in January and February compared to last year, but it wasn't a significant downturn. Current restrictions, home schooling and working from home have made an impact. The general feel is people want to either upsize due to working from home home, and clients in large properties are downsizing or moving to more rural locations for garden and outdoor space."
Find out what’s been happening in the Fife property market at our webinar on 16th March at 12pm. We’ll have a panel of experts on hand to answer all your buying and selling questions.
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The above statistics are based on properties sold or listed by ESPC agents in Fife and Kinross from December 2020 to February 2021, and compared to the same period last year.