After the 2020 lockdown which severely impacted the UK housing market, 2021 became one of the most buoyant years with record sale prices and volume of sales. As this year draws to a close, the number of agreed sales by the end of this year is expected to reach a staggering £437bn.
Within the highly competitive Scottish housing market, the sales boom has been evident across every region; the average house price has increased by 8.5% in the past 12 months.
Buyer demand coupled with record-low mortgage rates has fuelled excellent house price growth throughout 2021 as homeowners’ priorities changed: more room to live; more outdoor space to enjoy; a different pace of life.
Industry experts Zoopla predict that house prices will slow to 3% in 2022, but the Scottish market is set to continue to do well. In Fife, with demand still outstripping supply, a healthy housing market is likely to continue.
WHAT ARE THE AVERAGE HOUSE PRICES IN FIFE?
Properties in Fife saw a 13.8% increase to the average property selling price between July and September 2021.
Figures in 2021 indicate a strong seller market. The volume of properties in Fife being listed for sale was down 28.7% and the volume of property sales across the same region was up 10.4% in 2021 compared to the same period in 2020, with properties selling in just 11 days during July to September.
Buyers paid, on average, 107.9% of the Home Report valuation, representing an increase of 6.7% points compared with 2020.
The average selling price in Fife during 2021 rose to £226,676 with East Fife average selling prices reaching £276,015, an increase of 12.4% compared with the same time last year. West Fife and Kinross experienced a 9.1% rise, with the average selling price reaching £201,030.
One-bedroom flats in Dunfermline remained the most affordable type of property, with an average selling price of £75,070.
FIFE PROPERTY MARKET PREDICTIONS: WHAT TO EXPECT IN 2022
- The demand for homes across Fife is set to remain strong as homeowners seek affordability and a new pace of life within easy reach of commuter links.
- With Fife housing demand outstripping supply, it is expected that sales in excess of the Home Report valuation are set to continue in 2022.
- Property sales are likely to continue to be quick, driven by pent-up demand for affordable larger homes, private outdoor space and more open green space.
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 enquiries@homereportcompany.co.uk.
