August house price trends revealed for Fife

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 0.5% annual growth .

The average Fife house price in August was £134,409, Land Registry figures show – a 0.2% increase on July.

Over the month, the picture was similar to that across Scotland, where prices increased 0.3% , and Fife underperformed compared to the 0.8% rise for the UK as a whole.

Over the last year, the average sale price of property in Fife rose by £690 – putting the area 25th among Scotland’s 32 local authorities for annual growth.

The best annual growth in the region was in Na h-Eileanan Siar, where properties increased on average by 11.5%, to £122,000. At the other end of the scale, properties in Aberdeen dropped 8.3% in value, giving an average price of £146,000.

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Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Fife in August – they increased 0.8%, to £239,443 on average. Over the last year, prices rose by 1%.

Among other types of property:

Semi-detached: up 0.1% monthly; up 1% annually; £139,659 average

Terraced: remained level over the month; up 0.8% annually; £109,487 average

Flats: down 0.1% monthly; down 0.8% annually; £85,595 average

First steps on the property ladder

First-time buyers in Fife spent an average of £ 108,520 on their property – £340 more than a year ago, and £15,300 more than in August 2014.

By comparison, former owner-occupiers paid £ 158,320 on average in August – 45.9% more than first-time buyers.

How do property prices in Fife compare?

Buyers paid 13.0% less than the average price in Scotland (£155,000) in August for a property in Fife. Across Scotland, property prices are low compared to those across the UK, where the average cost £235,000.

The most expensive properties in Scotland were in Edinburgh – £266,000 on average, and twice as much as in Fife. Edinburgh properties cost 2.6 times as much as homes in East Ayrshire (£101,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average August sale price of £1.3 million could buy 15 properties in Burnley (average £84,000).

Factfile

Average property price in August

Fife: £134,409

Scotland: £154,549

UK: £234,853

Annual growth to August

Fife: +0.5%

Scotland: +1.6%

UK: +1.3%