The UK House Price index has been released for October 2021 and it makes interesting reading.
House prices in Fife have increase 14.8% (down from last month of 15.6%) as opposed to the Scottish Average of 11.3%.
The average house price is now £164,623 (last month £161,922), an increase of £21,255 over the year.
Fife seems to still be more affordable than other areas of the country as you can see by the graph below:
In Scotland, detached houses showed the biggest increase out of all property types, rising by 15.9% in the year to October 2021 to £325,000. The lowest annual change of all property types was in flats and maisonettes, up by 8.1% in the year to October 2021 to £126,000.
In 2016 the average Fife home cost £126,425 which means property prices have gone up 30.2% (an increase of £38,198) since then. See the graph below:
Number of houses sold to August 2021 for a year are 8,111. This sort of level has not been seen since pre credit crunch in 2008 which stood at 8,353.
Managing Director Jim Parker said, “It’s a huge jump in Fife property prices over the last year and while specific areas like St Andrews and the East Neuk have more than likely increased more than this, Fife in general still remains an affordable place in comparison to the rest of Scotland. As for 2022 due to supply issues I think prices will continue to rise in the again. However, with inflation announced at 5.1% today, it still means that property investment remains one of the best performing asset classes in the UK. You’re almost 10% better off than a year ago in real terms!”
If you would like more information on investing in property, please contact Jim Parker direct on firstname.lastname@example.org