Latest price rise keeps Fife property market on long-term trend

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 9.3% over the last year.

The average Fife house price in October was £175,629, Land Registry figures show – a 0.9% increase on September.

Over the month, the picture was similar to that across Scotland, where prices went up 1.1%, but Fife was above the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in the Kingdom rose by £15,000 – putting the area 16th among Scotland’s 32 local authorities with price data for annual growth.

First-time buyers spent an average of £140,000 on their property – £11,000 more than a year ago, and £34,000 more than in October 2017.

By comparison, former owner-occupiers paid £210,000 on average in October – 50% more than first-time buyers.

Owners of detached houses saw the biggest rise in property prices – they increased 1.6%, to £326,396 on average. Over the last year, prices rose by 10.7%.

Among other types of property:

Semi-detached: up 0.9% monthly; up 10.1% annually; £186,051 average

Terraced: up 0.9% monthly; up 10.1% annually; £144,835 average

Flats: up 0.2% monthly; up 6.1% annually; £103,693 average

Buyers in Fife paid 9.9% less than the average price in Scotland (£195,000).

The most expensive properties in Scotland were in Edinburgh – £335,000 on average, and 1.9 times as much as more than in Fife.