Fife house prices: Property up 1.3% more than Scottish average

The boost contributes to the longer-term trend, which has seen property prices in the Kingdom achieve 8.8% annual growth.

The average Fife house price in July was £168,599, Land Registry figures show –a 1.3% increase on June.

Over the month, the picture was better than that across Scotland, where prices went up 0.6%, but Fife underperformed compared to the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the Stamp Duty holiday, the ONS said.

Over the last year, the average sale price of property in Fife rose by £14,000 – putting the area 27th among Scotland’s 32 local authorities with price data for annual growth.

Owners of flats saw the biggest improvement in property prices.

They went up 1.6%, to £100,163 on average. Over the last year, prices rose by 5.7%.

Detached properties were up up 0.7% monthly; up 11% annually for an average price of ; £312,918.

Semidetached properties rose 1.5% monthly; up 9.9% annually; £178,238 average.

Terraced houses were up 1.5% monthly; up 8.8% annually; £138,672 average

First-time buyers spent an average of £134,300 - that’s a £10,000 rise on 2021, and more than £30,300 more than in July 2017.

Fife’s property market was also significantly cheaper than elsewhere.

Buyers paid 12.6% less than the average price in Scotland (£193,000).

The most expensive properties in Scotland were in Edinburgh – £329,000 on average, and twice as much as more than in Fife.

The best annual growth came in the Orkney Islands, where property increased on average by 26.9%, to £222,000.

At the other end of the scale, homes in Aberdeen gained just 0.8% in value.

That gave the Granite City an average price of £149,000.