The latest figures show that the average price for a Terraced property in Fife has now reached £134,793 as of Feb 2024. This value is based upon the average value of completed property transactions in the month of February.
Average prices for a Terraced property have increased substantially over the longer term in Fife. Back in January 2004, prices for this type of property averaged £53,825 based on sales at the time. Fast forward to January 2024, and averages reached £138,560 - representing a growth of 157% over 20 years.
This substantial triple-digit percentage rise in Terraced property values far outpaced broader inflation over the same period. Rising household incomes, strong local economy, high demand and constrained supply all likely contributed to the steep price inflation seen for Terraced homes in Fife over the past 2 decades.
Our data is sourced directly from HM Land Registry and their UK House Price Index report. This dataset is updated several times a year and we always attempt to have the most up to data information available.
The UK HPI uses sales data collected on residential housing transactions, whether for cash or with a mortgage. Properties have been included in England and Wales since January 1995, in Scotland since January 2004, and in Northern Ireland since January 2005, Data is available at a national and regional level, as well as counties, local authorities and London boroughs.
The latest figures from February 2024 indicate the property market in Fife continues to show falling price trends. Compared to January, 2024, average prices decreased by -2.7% to £164,719. On an annual basis, average property prices have decreased -0.8% since 12 months ago.
In terms of sales activity, there were 490 residential property transactions completed in Fife during February, 2024. Of these purchases, 317 were financed with a mortgage while 173 were all-cash sales. For cash buyers, average prices have changed by -2.8% since January, 2024, coming in at around £154,026. For properties purchased with a mortgage, the average price changed by -2.7% since January, 2024, to £169,925.
Compared to the overall picture in its national parent Scotland, the average property price in Fife are lower than the current national average of £187,807. While Fife saw a change of -2.7% over the last month, Scotland as a whole recorded a percentage change of -0.6% in average property values. And on an annual basis, prices across Scotland have grown by 5.6%, more than the -0.8% yearly change seen in Fife.
Interested in purchasing a property in Fife? Use our Monthly Mortgage Cost Calculator to see how much a property may cost you per month. This tool is for illustrative purposes only and does not constitute financial advice.
Average price in Fife by housing type
Prices last recorded in February, 2024
average
£164,719
detached
£305,079
flat
£99,264
semi-detached
£175,230
terraced
£134,793
Prices by housing type in Fife
Recent data shows that price growth has varied across different property types in Fife over the last year. For terraced houses, property prices changed by -2.9% between February 2024 and January 2024 to reach £134,793, and changed by -1.4% over the last 12 months. The annual change was greater than the 4.7% change seen for terraced homes in Scotland overall.
Meanwhile, semi-detached properties saw a fall in average prices locally, taking them to £175,230 in January 2024. This represents a -2.7% change from the same month last year.This is underperforming the 6.4% annual change in semi-detached values across the country.
Detached homes in Fife lost -2.3% month-over-month to reach an average of £305,079. Annually, detached property values have changed by 1.5%. This is weaker price growth compared to Scotland's 7.3% change for detached houses over the year.
For apartments and flats, average prices decreased by -3% between February and January 2024, hitting £99,264. Over the last 12 months, apartment values have changed by -2.6%, lagging Scotland's flat and apartment growth rate of 4.7%.
Overall, detached properties have seen the strongest price momentum locally over the past year, with a change of 1.5%, while flat properties lagged, with a change of -2.6%.
Recent purchases in Fife
According to data from HM Land Registry, there were 490 completed property purchases in the area of Fife in February 2024. Of these sales, 173 were recorded as cash purchases whilst 317 were purchased using a mortgage. Compared to this time 12 months ago, the percentage of properties purchased using a mortgage has changed by -0.6% and the percentage of properties purchased with cash has changed by -1.2%.
The number of cash and mortgage purchases may not match the recorded number due to exclusions listed on the gov.uk website
Looking for a specific property type?
Use one of the following links to find more specific information about the type of property you're looking for in fife.
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