Region’s property prices on the rise

ESPC has published its latest Dumfries and Galloway property market update for the six months from May to October 2021.

By Brian Yule
Tuesday, 7th December 2021, 1:46 pm
The average selling price has risen nearly eight per cent
The average selling price has risen nearly eight per cent

The average selling price for properties in the region across this time period rose 7.9 per cent to £166,331.

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 per cent of their Home Report valuations, up 9.3 percentage points on the same time last year.

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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 per cent of Home Report valuation on average, which is 16.7 percentage points higher than May-October 2020.

Demand ramped up for a rural home in the 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.

Three-bedroom houses in Dumfries Town saw the highest volumes of sales, up 50 per cent on the same time last year.

In terms of properties coming to market, Castle Douglas saw the highest number of properties listed, up 45 per cent on May-October 2020.

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 and 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 and Galloway an attractive prospect for many looking for a lifestyle change.”