According to recently published Bank of Scotland statistics reported by Scottish Financial Review, last year saw average house prices (to November 2022) rise by more than £23,000 to £242,213. Notably, one of the big winners was the commuter town of Kirkcaldy in the Kingdom of Fife with an average of a 29% increase in its average house price!
Moreover, according to the latest (November 2022) UK House Price Index Scotland, as a local authority the annual price change of properties in the Kingdom of Fife rose 6.2% to £174,344 at November 2022, up from £164,170 a year earlier.
However, in my professional opinion, it’s important not to put too much weight on such statistics. After all, as I have written in my blog – Property Predictions for Scotland 2023 – the past 12 months have starkly highlighted how ever-shifting macroeconomic and political events, including soaring inflation, rising energy costs, higher borrowing rates and a cost of living crisis have all impacted on Scotland’s residential housing market. Few of us have foreseen the turmoil of recent months and it’s a brave person who makes steadfast predictions for the year ahead!
That said, if we focus on the Kingdom of Fife, I believe there’s good reason for buyers and sellers to be optimistic in 2023. Across the local authority area, demand still exceeds supply. So, while as a seller you may experience a softening of the price you secure for your property, keep in mind that your property will have still likely benefited from significant price rises over the 2019-2021 period.
WHAT ARE THE AVERAGE HOUSE PRICES IN FIFE?
For buyers, be mindful that many sellers – in excess of 75% – still achieve over the Home Report valuation. With fewer homes on the market, it’s still a sellers’ market.
As a ready reckoner, consider some industry statistics for Kirkcaldy, the largest town in Fife and long recognised as easily commutable for work in Edinburgh or Dundee. Over the past 12 months, the average selling price of a detached house in the town was £295,373 while on average around £96,000 would put you in reach of a flat.
Along the road in Dunfermline, the Bank of Scotland analysis revealed that the average property increased in value by £36,394 or 19.1% over the 12 months to November 2022, rising from £190,087 to £226,481. That’s impressive growth. However, don’t overlook Glenrothes. With good transport links and amenities and regarded as one of Fife’s more affordable destinations, the average price paid for a property is around £133,000.
Look further east – in the Neuk of Fife – and you could easily pay over £120,000 for a flat and over £300,000 for a detached house as buyers seek a coastal escape in the likes of Anstruther or Crail. So, the overriding takeaway message is that after determining your budget, it can pay dividends to carefully weigh up your priorities in terms of preferred location and property type when looking to buy.
FIFE PROPERTY MARKET PREDICTIONS: WHAT TO EXPECT IN 2023
- I foresee positive demand for homeowners across Fife as potential buyers – in particular those with families – seek to make their budgets go further. With the Queensferry Crossing, rail links, and even bike routes ensuring Edinburgh city centre and central Scotland is easily commutable from across the Forth, Fife can be an excellent option for buyers who seek more affordable family space and easy access to diverse leisure facilities.
- With Fife housing demand outstripping supply, I anticipate sales in excess of the Home Report valuation (105%+) will continue in 2023.
- As finances are squeezed and mortgage rates remain higher than recent historical levels, we may not see properties ‘fly off the shelf’ in many areas of Fife. However, there’s undoubtedly still strong demand – particularly for quality family homes – and in many cases you can still expect to see the sale of your home within weeks.
GET A HOME REPORT FROM HOME REPORT COMPANY
With the Scottish property market conditions looking positive, it’s always worth being prepared as a seller or a buyer. Getting a Home Report early is the ideal way to prepare and avoid any sudden surprises. Read our expert guide to learn more about Home Reports and what documents are included.
If you have any questions about buying or selling property or would like to ask us for more information give us a call 0131 608 0175 or email info@homereportcompany.co.uk.
