Fife property market: Sharp rise in prices as sellers cash in

House prices are rising sharply in Fife - and some are selling well above the asking price.

Wednesday, 19th May 2021, 9:45 am

The latest data shows 2.2% rise in March alone, taking the annual increase for the region to 9%.

The figures came from the Walker Fraser Steele Acadata House Price Index (Scotland), published this week.

The average house price in Scotland now stands at £207,083.

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House prices are rising across Fife

In Fife it is £183,000.

The rise is partly down to a lack of properties - making it very much a seller’s market.

In Kirkcaldy some properties have gone for more than £50,000 above the asking price.

And some are being sold within days of going to market.

The rise has also been put down to lockdown restrictions easing and people re-thinking their plans as they anticipate working for home for the immediate future.

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Alan Penman, business development manager at Walker Fraser Steele, said: “The Scottish housing market is showing that even in a pandemic it can turn in the kind of performance that makes other asset groups pale in comparison.

“The market has thrived during the pandemic, and the outlook has been a brighter one for prices since the beginning of the year. “

The survey reports that it is the first time that Scotland’s annual rate of house price growth has been in double digits since December 2007.

It showed price rises across every local authority in Scotland - transactions in the first quarter were also 19% higher than in 2020 - for the first time since 2007.

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