12 Jan 2021

Is Dunfermline Scotland's new property hotspot?

Is Dunfermline Scotland's new property hotspot?

Dunfermline continues to enjoy the biggest jumps in property prices in Edinburgh and surrounding areas.

The latest monthly figures from ESPC show that the average home in the Fife town went for £189,849 in the final quarter of 2020 - up 19% year-on-year.

This is the second month in a row it has topped the price-rise table for Edinburgh, the Lothians, Fife and the Borders.

The typical property in Edinburgh and surrounding areas changed hands for £269,542 in the last three months of the year - up 8.1%.

In the capital, the average home sold for £286,052 - a rise of 6.3%. The largest jump in prices in the city was recorded by two-bed flats in Portobello and Joppa, which fetched 15.5% more at £273,591.

ESPC added that the average home report valuation of two-bed flats in these locations over the past three months was also up 20.1% year-on-year - meaning that higher-value properties coming to market likely accounts for some of this significant increase. But there were also price falls elsewhere in the capital.

New Town

Two-bed flats in the New Town and West End saw a typical 15.3% decrease to £397,183. The drop has been put down partially due to more lower-value properties in the New Town being listed on ESPC in recent months.

Apart from Dunfermline, other areas in Fife also saw significant year-on-year increases, with properties in East Fife selling for an average of £277,619 - up 18.6% compared to last year. Prices in West Fife and Kinross were also up 15.9% year-on-year to £196,690.

Over the past three months, the typical property in the Scottish Borders went for £263,323 - a jump of 14.8%. In Midlothian prices were up 10.6% to £227,281, while West Lothian rose 11.5% to £220,270 and in East Lothian they increased by 6.3% to £274,663.

Nearly 40% more homes in Edinburgh, the Lothians, Fife and the Borders were listed on ESPC in the last quarter of 2020 compared to the previous year.

In the capital, 54.8% more properties came to market in this time period. The final three months of the year also saw the number of home sales in Edinburgh and surrounding areas rise by 39.7% compared to last year.

Thinking of selling?

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To operate as safely as possible, we are now offering viewing, valuation and mortgage services digitally.

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