Fife house sales: 2.6% rise in prices as region out-performs UK

House prices increased by 2.6% in Fife in May, new figures show.

Thursday, 15th July 2021, 7:38 am
Updated Thursday, 15th July 2021, 7:38 am

The boost contributes to the longer-term trend, which has seen property prices in the Kingdom achieve 12.2% annual growth.

It remains a sellers’ market with a number of properties going for well over the asking price.

The average house price in May was £150,388, Land Registry figures show – a 2.6% increase on April.

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House prices are rising again in Fife
House prices are rising again in Fife

Over the month, the picture was less good than that across Scotland, where prices went up 5.4%, but Fife still outperformed the 0.9% rise for the UK as a whole.

Over the last year, the average sale price of property in the region rose by £16,000 – putting the area 14th among Scotland’s 32 local authorities for annual growth.

Owners of terraced houses saw the biggest improvement in property prices – up 2.8%, to £123,951 on average.

Over the last year, prices rose by 13.4%.

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Among other types of property:

Detached: up 2.3% monthly; up 13.3% annually; £273,536 average

Semi-detached: up 2.5% monthly; up 12.2% annually; £157,021 average

Flats: up 2.7% monthly; up 9.7% annually; £91,984 average

First steps on the property ladder:

First-time buyers spent an average of £120,000 on their property – £13,000 more than a year ago, and £21,000 more than in May 2016.

By comparison, former owner-occupiers paid £179,000 on average in May – 48.3% more than first-time buyers.

Buyers paid 12.3% less than the average price in Scotland (£171,000) in May for a property in Fife.

Properties in Edinburgh were £300,000 on average - twice as much as in Fife.

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