HOUSE prices in Dumfries and Galloway have dropped 2.2 per cent in the last year.
The average house in the region now sells for £178,777, which is still below the Scottish average of £223,354 and among the cheapest in the country.
Scott Jack, from Walker Fraser Steele who collated the figures, said: “2023 has been a harder year. The rising base rate has adversely impacted property transactions. Although the housing market in 2023 did enjoy the traditional spring bounce in transactions that occurs in March, sales volumes from July 2023 onward have been below all previous years since 2013.
“I’m optimistic that with a stable base rate, lenders are now starting to compete for business with competitive mortgage rates which, with better inflation figures, should encourage transaction levels over and above those we expect from the remortgaging business due in the first quarter of next year.”