"What is it like to live in Dunfermline?" Our latest podcast episode is out now!

Paul
Hello, it's Paul and Megan on the road - sounds like a song. Today, we're going over the bridge, we're off to Dunfermline. We're gonna go meet Michael Maloco, a Partner at Maloco, Mowat + Parker, and Elaine Kyle from Morgan's. Going to have a chat about the Dunfermline property market what it's like to live in Dunfermline. Looking forward to that bill.

Megan
Yes, we are. We are currently just heading north from Edinburgh. And we're really looking forward because Dunfermline is normally a hotspot whenever we look at the ESPC data. So yeah, we're excited to hear more.

Paul
Yeah, it's, as you say, first time buyer hotspot. We've had one of the areas where we've seen significant amount of listings in the last House Price Report, and yet it still seems to be holding up in terms of sales and everything else. So be interesting to find out what's going on. And then...

Megan
and then we are heading to Dhoom, the restaurant, to speak to their owner to speak about what it's like to have a business in Dunfermline. So we'll get a bit a bit of all sides of the coin in Dunfermline today.

Paul
Are we getting lunch? This is not a paid for advert! We are gonna pay for our lunch, but we might have a little snack.

Megan
We'll see how hungry we are by then, we might have worked up an appetite after chatting to Michael and Elaine. But yeah, so next time you'll hear from us we'll be in Dunfermline, in the park. Yes, in Pittencrieff Park I believe it is. Okay, so we have arrived in Pittencrieff Park. And I'm just getting set up for filming. I'm going to be behind the camera for this section, just because there's a bit of wind, we just want to keep everything monitored. So Paul's gonna be chatting to Michael and Elaine. And I'll pass on pass you over to them now...

Paul
Hi, it's Paul, as promised, we're here we're here in Pittencrieff Park, which is known locally as The Glen, I'm told. We're on the hunt for peacocks, we've been promised some peacocks which roam around the park, probably have a look for those later. And I'm with Michael and Elaine who are two of our solicitor estate agents and I'll let them introduce themselves. So if I start with you, Elaine..

Elaine
and Elaine Kyle, I'm a Senior Valuer at Morgan's in Dunfermline and East Port,

Paul
Welcome to the park! Michael...

Michael
Michael Maloco, senior partner at the recently rebranded Maloco Mowat Parker solicitors. I'm also a non executive director at ESPC.

Paul
Brilliant, thank you guys. We know you both live locally because we've been chatting about that. So I thought, first of all, we just have a little chat about Dunfermline and I thought I'd ask you, maybe for someone that's never been to Dunfermline, how would you describe Dunfermline and what's it like to live here?

Elaine
Dunfermline for me. I've worked in Dunfermline for over 30 years and worked here as well, socialized, Dunfermline's a bit of a hidden gem. Yes, it does sometimes feel it's got bigger over the last 20 years. But you can still walk down Dunfermline High Street, and people are really friendly. They'll talk to you, but what they've been up to. It's a city now, but probably in my heart, it's always a town. But it's become so diverse, which is good, good for the local economy. People moving into the area. And Dunfermline has gotten so much with house builders and Eastern Expansion. So it brings a lot of diversity into the local area. So yeah, but it's a great place to live.

Michael
Yeah. Yeah. Well, I'll raise you by thirty years, born and bred in Dunfermlin and that's over 60 years now. And I was originally brought up, lived above my parents business in the high street so I've really seen huge changes. And I'd really echo what Elaine says that we are a city now officially.

Paul
When did you get the city status?

Michael
The Queen's platinum, Platinum Jubilee. But really, it is a toute. It feels like a towns. And I think that's a good thing. Some people get really sort of worked up about no, no, we're a city. And I was like, well, actually, there's benefits to being to being a town in many ways, because as Elaine says, you can walk down the street and in our situation, you know, we've been in business for so long. I've met so many clients, and you meet people you've acted for all the time, and there's always that connection. And it's a great place. It's easy 30 minutes by rail into the centre of Edinburgh, and you've got loads of countryside just around about you, you know, just a short short walk away.

Yes, as you say a great gateway to and some nice hidden gems in terms of parks and also walks.

Elaine
I mean, you've got the Pilgrims walk you've got got fantastic cycle paths and cycle routes. I walk around Dunfermline and the surrounding areas and everything's accessible within two or three miles. So the Glen itself, obviously something that not a lot of people know about. Pittencrieff Park, you've got Andrew Carnegie's birthplace, you've got a lot of points of interests, but Abbey house and Palace grounds, medieval buildings as well, which a few hidden places that people want to discover.

Michael
In recent years, I don't know how many years now, but you know, when the Alhambra Theatre opened back up again, it's been a great boon to the town because it brings in lots of great acts, especially comedy acts. I mean, you know, big, you know, Jimmy Carrs and people, people at the very top of their game A-listers, we get a lot of that and between the Alhambra and the original Carnegie Hall, not the one in New York, the one hear in Dunfermline. You've got a good thriving arts sector, too.

Paul
Yeah, let's go. Well, we've talked about what's going on. Should we talk about the property market?

Michael
Absolutely.

Paul
And what's happening in the property market so yeah, that's how would you describe the sort of the market right now we're here, mid August's summer market, how are things?

Michael
Pretty decent. Nothing like they were this time last year.

Paul
Understandable.

Michael
That was unsustainable. So that froth has gone off. The summer months, kids went back to school just yesterday here in Dunfermline. But the summer months, summer holidays are a little bit quieter anyway. We'll start to get a better picture I think in the next couple of weeks, wouldn't you agree Elaine?

Elaine
Yes, I would reiterate.

Michael
But it's, it's all right. Yes, it's not as busy as it was. Prices being achieved are no longer 10 and 15% over Home Report.

Paul
Still a premium?

Michael
Still a premium, a couple of percent 2-3%. And more in certain conditions, our firm was offering for one that Elaine was selling yesterday. And, you know, you have to pay a good bit more, because it was sought after. So you still get ones like that. And so in general, what I would say to everyone listening or watching this is don't just listen to the doom mongers in the market. Yes, it's adjusted, but it has by no means crashed. Absolutely not.

Elaine
As Mike says, since last year, the interest rates obviously in November-December had slightly increased it's always a big concern for people across the board, you know, looking at the bigger picture and the media's attention on the cost of living and, and things going up your you know, your utilities, day to day shopping, all these essential things, but the property market, as Michael had said, it adjusts accordingly. And we adjust with it. And certainly wouldn't put anyone off putting their house on the market. We're still getting some closing dates, and particularly, you know, some some flats at the one and two bedroom flats, you know, two and three bed ex-Council, ex-local authority properties in particular.

Paul
And how much would that sort of property demand? You know, two or three bedroom ex-council what sort of price are we?

Elaine
Well average price in Dunfermline for two-three bed ex-local authority, you can be anything from £125,000 up to probably £160,000. Those kind of parameters and people have done a lot to their properties maybe extended or you know, so it's very affordable. Dunfermline is cost effective place to live.

Paul
When you consider, I mean Megan and I talk a lot about the Edinburgh prices on the podcast and you think about what you can buy there versus what you can come to in Dunfermline.

Elaine
Commuting-wise for Edinburgh and, you know, commuters I know there's a lot of hybrid working and that's where the sort of four bed and five bed markets actually been doing pretty well. Because you've got families, you know, with, with older children living at home still in working and that so there's been movement there. It's not it's not all doom and gloom as, I'd reiterate what Michael said it's not all doom and gloom.

Michael
As long as people are realistic in pricing, you know, people have got to realize and also it's our job to educate them that way is that, you know, there's a sale to be had, as long as you have realistic expectations, listen to your agent. The chances are you're not going to get you're not going to get 10% plus over but people can manage expectations, there are deals to be done and people can move on with their lives, you know.

Paul
As you say though, Michael, the chances are you're not going to have to pay an extra 10% on the one that you're buying. So, it's swings and roundabouts. So, I mean certainly we've seen more listings. Are we seeing a slight trend towards more fixed prices?

Elaine
When a property has been on the market again, Dunfermline has got your West Fife villages, it's all within a sort of five six mile radius, some villages to the West of Fife are commanding still a bit more of a premium in your coastal areas Charlestown and Limekilns and places like that. But as far as the market in general, fixed prices comes into play when, perhaps, depending on people's circumstances as well, they might be keen to move on, as Michael says, get on with their lives. And if the property has been on the market three or four weeks, five weeks, it's not a long time. But if they see something they like, and they want to move on it, we're the first to say, let's do a fixed place, and maybe just tweak it below the home report as needed, or home report value,

Paul
which offers great value. If you're a first time buyer, you can see...

Elaine
and you know exactly what you're paying

Michael
Do you not find Elaine, I'm still surprised after almost 40 years, that how just switching something to a fixed price can almost overnight make a real difference.

Elaine
It can.

Michael
It's such a simplistic, simplistic thing. And it just works, it also surprises me that the people who are immediately are on the phone with a fixed price, didn't even look at it, when it was offers over. They had mentally just discounted it, because oh no that will go for 10% Plus, I can't afford it, I'm not gonna get my hopes up. So I'm not going to look at it, you know, but suddenly, so it's a good tool to have in the armoury.

Elaine
And prior to COVID and post that offers the region of was very much the pricing and people did like that. They if they really liked a property, well, it's only worth what somebody's willing to pay, they'll give you over the asking but offers in the region of then made it that you could maybe offer a bit less and still get it.

Paul
You can do that with a fixed price as well. Okay, so we've mentioned it came up in the conversation, Eastern expansion. Just explain maybe to the audience what that what that is where that is and how the market is there

Michael
So, again showing my age - when I was a lad.

Paul
It was all fields!

Michael
It was all fields and farmland and I believe that when it started in the 90s.

Elaine
House builders coming in to Dunfermline.

Michael
It was the largest tranche of private house building in the UK. Yeah, at that point. And here we are probably a quarter of a century on 25 years on and they're just coming to the end of it now, there's not very much less, not much less much less as increased Dunfermline's population by well over 10% It's you know. So it has a variety of all almost

Every new build builder that you could think of it as had a piece of the action.

Elaine
With that has brought obviously new schooling, recreational facilities, leisure facilities, sporting,

Paul
which is good, it's not just a huge estate with nothing there.

Elaine
it's over the years. It's come on a lot.

Michael
It's very commutable, you're just out onto the motorway for Edinburgh, it has to be said that from a Dunfermline point of view. You know as we sit here in Dunfermline in the Glen and we talk about Dunfermline Town Centre, Dunfermline town centre is, in fact, really at the Western extremity of the town. And for some people, especially outwith rush hour, you can get into the centre of Edinburgh almost as quickly as you can get into the central of Dunfermline from the eastern expansion.

Elaine
But it certainly brought up I think, I mean, even like Carnegie College, which is going to now be sort of new campus for two big high schools in Dunfermline as well as the college amalgamated. And that's, that's going to have that kind of American campus feel. And that's going to be something in eastern expansion so it will sell draw families to buy you know your four and five executive houses as well as the smaller properties

Paul
so it's a town within a city, isn't it?

Michael
It is really. You've got all the leisure park is out there with the Odeon Cinema and all the restaurants and the crazy golf and all these things. So it's a good place for families to- we tend to find that there is some people are not Eastern expansion people.

Elaine
No

Michael
They want to be in more traditional areas of the town. Absolutely. You know, but the KY11 8 postcode which is this the eastern expansion is and has been for 20 years plus the most popular, sought after postcode in the area and in the land register every year the records will show there's more sales there in KY11 8 than anywhere else.

Paul
Okay, no interesting. If we think about first time buyers then where are the areas now and what sort of prices could you see for a first time buyer? You know what, what's it going to take to get a first time buyer on the ladder around here?

Elaine
First time buyers have obviously come back into the forefront because, you know, they've been living longer at home. And as we said, you know, we'll probably have bought and sold a few times so we know what it's like to buy for the first time, which is fairly daunting. And yes, they still need that wee bit of money and wee bit of help unless they're perhaps a couple that are buying first time. But yes, and grandparents as well and things, but first time buyer's market, you can buy in Dunfermline, you could buy a nice one bed, apartment flat, something more traditional, I would say, anything upwards of £75,000, you know, so you can get on the ladder.

Michael

Areawise?

Elaine

More town centre.

Michael
Victoria Street, Victoria Terrace, Rose Street, these places were places that I we were looking at when we first bought, you know, my wife and I when we were first buying, and the very sought after areas, and they're just a short walk into into town.

Elaine
Where if you're socializing, I'll always stand by Dunfermline's social scene

Michael
When you've had a cocktail or two - it's a short stagger home!

Elaine
Great bars, and a short stagger home! And it's cost effective, it can be a cheap night out in Dunfermline.

Paul
Especially if you've got no taxi fair. So you've heard it first guys, that's definitely a location that you should consider.

Elaine
First time buyers, I mean, yes, the challenge with the hike in interest rates, perhaps, but they'll not have experienced the low interest rates that we've had in the last decade. So they've probably already budgeted for that higher mortgage,

Michael
As an aside to that is, of course, why rents are rising so much, so some first timers that can't get on the mortgage, they've got no choice but to go for, for rent and the rental stock hasn't particularly expanded because of various government policies and stuff. And so therefore, the supply and demand has sent you a greater demand than there is supply and rents are being pushed up. Because sometimes, sometimes still, buying will be cheaper than than renting, if you can get the deposit together,

Elaine
Michael will be the same that we've seen an increase in the in the flats, actually a one and two bedroom flats, and sometimes three bedroom, more traditional properties than we have in the last 12 months. So they're coming back on the market. And as reiterate what Michael said, landlords are selling these smaller properties that they've had. So that gives people a chance again, to get on the market.

Paul
That's the point isn't it, it gets first time buyers an opportunity and it gives them a chance. Whereas in the past, the buy to let market was was super heated, and everything was getting snapped up. And we've moved away from that

Michael
They are part of the lifeblood of the market, if you don't get people in at the bottom. And as long as we've talked about it, you know, off camera, as long as employment is there and employment figures are good, then, you know, people can get on to the market, might be a little bit more of a struggle. Nobody's saying it's easy, but you can get onto the market. You know, again, looking back over many years, you know, it's been unemployment is really high. If you haven't got a job, you ain't getting a mortgage. And that's what causes the market to just hit the buffers. And that's just not, it's not happened, and it's just not gonna happen.

Paul
No, I agree. We were doing a piece just the other day and we're looking at the difference between sort of 2008 crash and now and you know, we've not seen the level of repossessions there's no credit crunch, still getting 100% mortgage as a first time buyer if you're renting, so it's a very different marketplace. Okay, I'm gonna ask you a couple more questions, how about this one. What's your outlook for the rest of 2023?

Elaine
I think it's stabilizing, and in a way it's not a bad thing. You know, we've been, these high high prices, and Dunfermline has not experienced that since probably before, you know, 2008 pre sort of banking crisis. Where closing dates every week and things. So it's probably gonna stabilize, I think. I don't think it's doom and gloom at all. I think Dunfermline will always will always have properties that are moving within people within Dunfermline Town centre and want to move and have bigger properties for the families, kids and there's all those reasons for moving. So I don't think we're going to be I think it'll be a wee bit rocky to begin with, the next six months and I think then it'll stabilize a bit more and hopefully interest rates will keep down for everybody.

Paul
And you feel you're pricing in where we are now when you see valuation. You're sort of pricing in the market?

Elaine
Definitely obviously sellers are looking to us as well as Michael's firm to give them guidance on that and managing expectations is the biggest thing. Don't get me wrong. We want to get the best price always for someone. But ultimately we don't want them being on the market for lengthy periods of time and hanging out. But that's just you know, we've go through that in the markets, we're adaptable.

Michael
The non solicitor estate agents who over promise. That's where the problem comes from. ESPC agents, we don't do that.

Elaine
We keep it real.

Paul
I would argue you're closer to market because you're offering every day on the other side, you know what's being accepted, you know what properties are going for, you're not relying on data, three months down the registers of Scotland,

Michael
I'd probably just agree with Elaine, Elaine knows the market fantastically, it's, I think it will be steady as she goes. As I say, the schools went back here yesterday. I think that you know once you get into September, that feels like autumn. And really, if you if you want to be in somewhere before Christmas, you've really got to start your journey now. By the time you get ready and see a few agents, make your choice, get to the market, have it on the market, 10 week date of entry rolls around the date of offer your kind of there. And I think next few weeks, we'll get a clearer picture. But I would expect volume just to pick up a little bit from where it's been in the last sort of six to eight weeks. And, of course, there might be another Bank of England base rate rise. You've seen fixed rate mortgage deals come down. The lenders have have they've priced that in already, so they know what's coming. So I think that, you know, that kind of feel that the worst is behind us inflation is obviously now falling fairly steadily. I think there'll be people will gain some confidence from that. And I would expect, perhaps by May of next year, interest rates will not come down as fast as the went up. But I think they'll maybe start to see quarter of a percentage point drops.

Paul

Yeah, 14 consecutive rises at some point that has to

Elaine

It's all relative you know, if you get a bit less for your property and expectations have not been met, you don't have to pay it out at other the end.

Paul
That's, that's That's it. Again, back to the swings and roundabouts again. Okay, well, thank you very much. I think that's given us a real great insight into where we are and where we might be heading. If you had one piece of advice for anyone that's thinking of buying or selling, what would that advice be? Like? Elaine again, I'll start with you. Put you on the spot.

Elaine
That is putting me on the spot, isn't it? What advice would I give? Well, absolutely. Early advice, no matter where you're at what stage you are in life, speak to companies like ourselves for the ESPC member firms and, and get the best advice, that's, you'll get a full quote, for costs everything. Everything's transparent.

Paul
And there's no pressure. I guess you see people today that you saw a year ago, they hadn't done anything, but ultimately now they've decided to sell because there can be a long period.

Elaine
I mean, I go to people every day doing valuations. And some people might think everyday Yes, everyday we're doing valuations. And I might have somebody it's been from two years ago or a year ago saying, Yep, that's me ready now. I've thought about it long and hard. Obviously, at the moment, you know, you have a lot of people at the higher end of the market downsizing, which is nice that you've dealt with them for years and years, and seeing them through the process. And then you know, Michaels gonna be the same, which is nice and when they're ready, the best advice you get, if you're getting a few quotes, obviously, keep it within the ESPC member firms and we'll give you all the best advice we possibly can.

Michael
Yeah, because you're a one stop shop through the ESPC. So you've got your conveyancing everything done there, and whether in house or just through the network, in our cases, at Maloco Mowat Parker the connections you have with financial advisors, mortgage brokers, you can put people in touch, you know, and get into so basically one point of contact, and you'll get a valuation of your property you're selling, quotation for the fees plus for your next purchase plus, put you in touch with financial advisors, etc. So, yeah, early advice from solicitor estate agents. You won't go wrong.

Elaine
And don't be stressed. We will look after you.

Paul
What a great place to leave it. Michael, Elain, thank you very much.

Megan
So that's us arrived in Dunfermline Town Center.

Paul
Absolutely. We're just walking up the hill. We're just about to go to the restaurant for our chat and further up the hill, you've got the high street, Marks & Sparks, other stores are available.

Megan
Yeah. So yeah, we're just away to go in and speak to the team that run Dhoom.

So yeah, we're now back in Dhoom with Prasad, who is the owner of Dhoom, and we just had a delicious lunch. We just wanted to have a little chat with you just to learn a bit more about the business and why you're in Dunfermline and why you like being based in Dunfermline. And so Paul, I don't know if you want to kick us off.

Paul
I think we should ask about the name because I've just mispronounced that they're so Prasad?

Prasad
Okay, so Dhoom is basically in Hindi we say celebration, right? Okay, so, so many people ask me why you called Dhoom. Is it good or bad? You'll remember it either as a good way or a bad way. But it's I think it's easy to remember to the people so because this is very close to a Scottish word. And they always keep that in their mind.

Paul
and you're not going to forget the food once you've been here. I'll tell you that.

Megan
Absolutely not. We haven't actually said yet. But it's Indian cuisine, but you're not a curry house, are you?

Prasad
This was my dream project. When I came to this country around 2000. I worked for so many people, I opened 52 different restaurants worldwide. Eight in this country for other people. And I'm gonna change them a lot the way they used to do but when I thought in my mind, one day, I'm going to do a proper Indian Street Food or Indian food with how the Indian people eat, or the family in or the Indian family prefer the food. So that was the reason.

Paul
I have to say is incredibly, I'm saying authentic, like I've eaten many Indian dishes, but it really fell flavorsome. It was fantastic. As I say really memorable, everything tasted, you can taste all the different flavors. It was amazing.

Megan
Yes, and we were reading about you on the menu when it was talking about how you and the chef's go away to India five/six weeks a year

Prasad
Yeah I go, I changed my menu twice a year. So before that, we done the regions now we are doing the cities. So we just finished Delhi and then we are in Calcutta, next month we are in Mumbai. So this is this is I was trying to show the people like if you go north to south, south to west, whatever they grow there they cook with that. So they are not rich people so they need to survive whatever they have. And that's the difference. The same thing you will call something in Delhi but the cooking style with different, the spice will be different. Whatever they grow they they survive that and it's very basic. Indian people people think that rich it is not it's a really light food and that's a healthiest food in the world. Because we got most of our curries, ginger, garlic, cinnamon, most of the things is related to your body. So our food is related with the ayurveda how we eat how you drink everything related with that

Paul
well as I say that was tremendous and you opened here in 2018

Prasad
It was an 2018, November we opened the door and then we have hit and miss time people still I mean I used to have a full restaurant and after half an hour 50% away because no Tikka Masala, no korma, no butter chicken, so it took a while to make people understand that we are not a curry house and finally, so nobody asked me the menu anymore they want to be they want to see how is Mumbai, how it Chennai, how is Calcutta or Delhi so this people just wait, 6th September we are launching next menu when nearly done on that day. We've got two sitting and most things blocked.

Megan
So you have been based in the UK for 20 years.

Prasad
23

Megan
So what made you decide to, when you spoke to us earlier about how this was your dream project to open your own restaurant? What made you decide to settle here in Dunfermline?

Prasad
Yeah, I work for other company in 2008 open for them in Indian farmland. And I've seen the people from Dunfermline quite open minded. So most work in Edinburgh, they work with the bigger city so I think they were happy that time went open. I never open a normal curry house I just done a bit more Indian style. So when I opened this one. So I was knowing that people are quite happy to try something new. And they don't, if food is nice, they will definitely go there. And the good thing biggest thing is especially my regulars they're very supportive. Very very supportive community. It's good to be a part of community I think these people have given me a quite a lot. Yeah, especially in the hard time.

Paul
You've given them something back here.

Prasad
My regulars they just they just love and they just anything, anything I do they just next day they are helping on the door. A busines is people and as as much you're a part of community I think this is this gave me a lesson because I've done everything now. Both of my children are grown up now. So if you're involved everyday with the community and do something. We fed nearly 300 people during the COVID times even I was closed and plus around 200 people with the, with the frontline working people basically. So I think it's good to be a part of community. Yeah.