Fife house prices rise above Scottish average as detached owners benefit most
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The rise contributes to the longer-term trend, which has seen property prices in the region grow by 5.4% over the last year. The average house price in August was £182,221, Land Registry figures show – a 3% increase on July.
Over the month, the picture was different to that across Scotland, where prices increased 1.2%. Fife was above the 0.3% rise for the UK as a whole.
Over the last year, the average sale price of property in Fife rose by £9400 – putting the area third among Scotland’s 32 local authorities with price data for annual growth.
First-time buyers spent an average of £145,100 on their property – £7000 more than a year ago, and £36,900 more than in August 2018. By comparison, former owner-occupiers paid £217,700 on average in August – 50.1% more than first-time buyers.
Owners of detached houses saw the biggest rise in prices - up 3.4%, to £337,980 on average. Over the last year, prices rose by 6.4%.
Among other types of property:; Terraced: up 3% monthly; up 4.7% annually; £149,213 average; Fife buyers paid 6.1% less than the average price in Scotland (£194,000) in August for a property in Fife. Across Scotland, property prices are low compared to those across the UK, where the average cost is £291,000.
The most expensive properties in Scotland were in East Lothian – £337,000 on average, and 1.8 times the price as in Fife.