House prices across Fife show slight drop according to latest figures

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 6.2% over the last year.

The average Fife house price in November was £174,344, Land Registry figures show – a 0.3% decrease on October.

Over the month, the picture was different to that across Scotland, where prices decreased 1.2%.

Over the last year, the average sale price of property in Fife rose by £10,000 – putting the area 22nd among Scotland’s 32 local authorities with price data for annual growth.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

First-time buyers in Fife spent an average of £138,600 on their property – £7,400 more than a year ago, and £34,600 more than in November 2017.

By comparison, former owner-occupiers paid £208,700 on average in November – 50.6% more than first-time buyers.

Owners of flats saw the biggest fall in property prices Fife in November – they dropped 1% in price, to £102,391 on average. But over the last year, prices rose by 2.8%.

Detached: up 0.3% monthly; up 7.8% annually; £326,183 average

Semi-detached: down 0.2% monthly; up 7.2% annually; £184,700 average

Terraced: down 0.3% monthly; up 7.2% annually; £143,614 average

Buyers paid 9% less than the average price in Scotland (£191,000) in November for a property in Fife.