Average house prices in Scotland increased by 5.7% in the 12 months to December2022, increasing slower than average UK house prices (9.8%) and down from 6.2% in the 12 months to November 2022.
On a non-seasonally adjusted basis, average house prices in Scotland decreased by2.9% between November and December 2022, compared with a decrease of 2.5%during the same period 12 months ago. On a seasonally adjusted basis, average house prices in Scotland decreased by 1.4% between November and December2022.
Comparing the October 2021 with the provisional volume estimate for October 2022, the volume of transactions decreased by 12.5% in Scotland and increased by 77.3% in the UK.
In Scotland, detached houses showed the largest annual percentage change out of all property types, increasing by 8.8% in the 12 months to December 2022 to £343,000. Flats and maisonettes showed the lowest annual percentage change, which increased by 2.4% in the year to December 2022 to an average price of £126,000.
The highest annual percentage change was in Midlothian, where average house prices increased by 12.5% in the 12 months to December 2022 to £243,000. The lowest annual percentage change was in City of Aberdeen, where average house prices decreased by 4.0% in the 12 months to December 2022 to £139,000.
As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.
Weekly round up on what’s driving the Fife Property market including a look at recent listings, sales and coming soon:
Article, Podcast and TV Shows written and produced this week are:
FP TV (EP 128) THE LANDLORD LINGO BUSTER PART ONE: Set Your Tenancy Up The Right Way And Keep Your Property Legal In Fife
Do you know your ARLA from your elbow? Or how about a GSR from the TDS? If you don’t, you’re not alone.
Just like every industry, the lettings world has its own particular lingo to master, with plenty of phrases, abbreviations and rules to keep in your head.
With the Bank of England raising interest rates and inflation high, what is happening in the Fife property market? What types of properties are selling in Fife? What is happening to house prices in Fife?
Watch out for the Wealth Creation Show on Monday @ 12.30pm live on these channels:
EP57 THE WEALTH CREATION SHOW: Diary of a Property Investor Part 12
How I lost my first million and the lessons learned. You don’t often get to know how someone failed but when you do you can often learn more from this than their success.
In this episode Jim Parker and Richard Cook are going to talk about the steps that led to Jim losing a million and the lessons learned.
This is the warts and all, laid bare story of Jim’s journey retiring at 38 years old financially free and almost losing it all. We’ll be covering several issues on mental health, depression, addictive personality and suicide which for many might be disturbing and upsetting. If you need help in any way, please free phone The Samaritans on 116 123 or visit https://www.samaritans.org/?nation=scotland
Jim says, “It’s amazing that you’re judged a success by what people see, when they have no idea what is happening deep down within that person. If the next chapter in my story helps one person, it will have all been worth it”.
If you are a private client of ours, including the ongoing support you will also receive an invite for the last Thursday of every month to a private zoom session which will be a deep dive into more detail on portfolio building. If you haven’t received your invite, please contact us to richard.cook@fifeproperties.co.uk
This is all about accelerating your wealth in 2023.
*We must point out that we are not financial advisors, and this is only our opinion of what we would do. Investments can go down as well as up so if you do want professional advice from a qualified advisor, please contact us direct and we will put you in touch with someone.
With the Bank of England raising interest rates and inflation high, what is happening in the Fife property market?
Are properties selling in Fife? And if so, what is selling?
What will happen to the value of your Fife home?
Read the article to find out what is happening to the Fife property market.
As we enter February, the Fife (and British) property market is full of mixed messages.
Whilst the Bank of England increased the base rate nine times in 2022, meaning they are now at 3.5% (3% higher than 12 months ago), mortgage rates are now dropping.
Average house prices in Scotland increased by 5.5% (Fife 6.2%) in the year to November 2022, increasing slower than average UK house prices (10.3%) and down from 7.9% (Fife 9.3%) in the year to October 2022.
On a non-seasonally adjusted basis, average house prices in Scotland decreased by1.2% between October and November 2022, compared with an increase of 1.1%during the same period last year. On a seasonally adjusted basis, average house prices in Scotland decreased by 0.8% between October and November 2022.
Comparing the provisional volume estimate for September 2021 with the provisional volume estimate for September 2022, the volume of transactions increased by 6.6% in Scotland (Fife 14.8%) and increased by 26.6% in the UK.
In Scotland, detached houses showed the largest annual percentage change out of all property types, increasing by 7.9% in the year to November 2022 to £349,000. Flats and maisonettes showed the lowest annual percentage change, which increased by1.8% in the year to November 2022 to an average price of £129,000.
The highest annual percentage change was in Midlothian, where average house prices increased by 13.2% in the year to November 2022 to £246,000. The lowest annual percentage change was in City of Aberdeen, where average house prices decreased by 4.7% in the year to November 2022 to £140,000.
As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data. However, the Scottish and Fife Housing Markets are holding up well.
Weekly round up on what’s driving the Fife Property market including a look at recent listings, sales and coming soon:
Article, Podcast and TV Show written and produced this week are:
FP TV (EP 120) LANDLORD LEGAL ERRORS: Are You On The Right Side Of Lettings Law?
Every landlord needs to follow around 170 different pieces of lettings legislation, so you’re not alone if you’re feeling flummoxed by so many rules and regulations.
Lettings Director Richard Cook and Letting Agent Kerin Marshall discuss this important topic.
Fife Buy-to-Let Landlords. Would it surprise you that inflation can be very useful when it comes to protecting your hard-earned savings and investment?
Fife Property Estate and Letting Agents explain and discuss this week’s topic.
Watch out for the Wealth Creation Show on Mondays @ 12.30pm live on these channels:
EP49 THE WEALTH CREATION SHOW: Diary of a Property Investor Part 4
How I made my first million and the lessons learned. In this series Jim Parker and Richard Cook are going to take you through the steps by step approach that took Jim from homeless and unemployed in his early 20’s to retiring at 38 years old a millionaire and financially free.
This is the warts and all, laid bare story of Jim’s journey from the beginning. From his struggle with the school system, pivotal moments and key points that led to a change in direction, reprograming his mind for success, how he worked a full-time job while building a property empire as a side hustle and all the lessons learned from buying his first 30 properties including the massive mistakes and monumental victories.
Jim says, “Anyone could have done this, most weren’t prepared to pay the price. If my journey serves as a lesson to help other people get there quicker with less mistakes, it’s been worth telling the story. For some this will literally be a blueprint for success”
If you’ve missed the previous shows you can catch up on our play list:
If you are a private client of ours, including the ongoing support you will also receive an invite for the last Thursday of every month to a private zoom session which will be a deep dive into more detail on portfolio building. If you haven’t received your invite, please contact us to richard.cook@fifeproperties.co.uk
This is all about accelerating your wealth in 2022.
*We must point out that we are not financial advisors, and this is only our opinion of what we would do. Investments can go down as well as up so if you do want professional advice from a qualified advisor, please contact us direct and we will put you in touch with someone.
Some of you reading this will be old enough to remember the 1970s – the bell-bottom trousers, the huge collars, frayed jeans, disco glitter balls, maxi dresses, midi skirts but above everything else – HYPER-INFLATION.
With inflation currently standing at 11.1%, many of us envy the last few years when we have been lucky to experience sub 2% inflation.
