House prices on the rise as selling times fall

Property prices have been on the rise in Dumfries and Galloway over the past year while selling times fall.

Friday, 26th March 2021, 4:13 pm
House prices are increasing
House prices are increasing

Between December 2020 and February 2021, the average property selling price in Dumfries and Galloway was £177,319, a 14.9 per cent increase on the same period last year.

Properties in Kirkcudbright boasted an average property selling price of £207,967, while those in Dumfries were £164,749, while those in Castle Douglas were £183,600 during this period.

The number of homes coming to market during this period was down by 5.3 per cent - reasons for this could include the strong start to 2020 in terms of listings, current stay-at-home guidance and the impact of home scho oling in recent months.

From December 2020 to February 2021, the median time for a property to be placed under offer in Dumfries and Galloway was 36 days, 21 days faster than the same period last year.

Dumfries properties had a median selling time of 22 days, while in Castle Douglas it was 45 days and 85 days in Kirkcudbright .

Over the past three months, houses in the south-west of Scotland achieved 100.6 per cent of Home Report valuation on average compared to 96 per cent last year.

Kirkcudbright properties achieved 101.9 per cent on average while homes in both Castle Douglas and Dumfries attained 100 per cent.

The figures are based on properties listed or sold by ESPC agents in Dumfries and Galloway.

Paul Hilton, CEO of ESPC, said: “Our market statistics for Dumfries and Galloway suggest there is strong buyer demand in the area. Rising selling prices, decreasing selling times and a higher percentage of Home Report valuation achieved indicate a competitive market, with people moving quickly and decisively to secure the home they want.

“As with other areas of Scotland, we have seen fewer homes coming to market year-on-year. However, we do expect more properties to be listed as the current lockdown restrictions are eased in the coming weeks.

"I advise those thinking of buying or selling a property in Dumfries and Galloway to contact a local solicitor estate agent to get expert advice.”