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

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House prices in Fife increased by 1.3% - more than the average for Scotland - in July, new figures show.

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.

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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.

Fife house prices are going upFife house prices are going up
Fife house prices are going up

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.

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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.

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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.

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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).

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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.