Fife house prices: Slight rise in Kingdom prices according to latest data

House prices in Fife rose slightly, by 0.8%, new figures show.

Monday, 1st August 2022, 8:03 am

The increase contributes to the longer-term trend, which has seen property prices in the region grow by 13.5% over the last year.

Land Registry figures show the average Fife house price in May was £166,468 – 0.8% increase up on April.

Over the month, the picture was similar to that across Scotland, where prices went up 1.1%, and Fife was lower than the 1.2% rise for the UK as a whole.

The latest house prices have been announced for Fife

Over the last year, the average sale price of property in the Kingdom rose by £20,000 – putting the area 16th among Scotland’s 32 local authorities with price data for annual growth.

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First-time buyers in Fife spent an average of £133,000 on their property – £15,000 more than a year ago, and £32,000 more than in May 2017.

By comparison, former owner-occupiers paid £199,000 on average in May – 49.9% more than first-time buyers.

Owners of terraced houses saw the biggest rise - up 1.4%, to £136,555 on average.

Detached properties went down 0.1% monthly; up 16.6% annually; with an average sale price of £309,501.

Flats were up 1.1% monthly; up 9.9% annually; with a £99,141 average

Buyers paid 11.2% less than the average price in Scotland (£188,000) in May for a property in Fife.

The most expensive properties in Scotland were in Edinburgh – £322,000 on average, and 1.9 times as much as more than in Fife.

Across Scotland, property prices are lower than those across the UK, where the average cost £283,000.