Fife Property Market Update: July-September 2021
Fife Property Market Update: Key Points
- The average selling price of property in Fife rose 13.8% year-on-year during July-September 2021, to £226,676.
- The most affordable type of property across Fife was one-bedroom flats in Dunfermline.
- Buyers paid 107.9% of Home Report valuation on average – an increase of 6.7% points year-on-year.
- The volume of property sales across Fife increased by 10.4% compared to the same period in 2020.
- During July-September, Fife properties had a median selling time of just 11 days, down from 24 days during the same time in 2020.
- The volume of properties being listed for sale decreased across Fife, with the number of insertions down 28.7% year-on-year.
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Average house selling prices in Fife
Average percentage of Home Report valuation achieved
Median selling times of properties in Fife
Levels of closing dates on properties
Volumes of properties coming on to the market
Average selling prices rise across East and West Fife
The average selling price of property in Fife rose 13.8% year-on-year during July-September 2021, to £226,676.
In East Fife, homes achieved an average selling price of £276,015; an increase of 12.4% on the same time last year. Properties in popular Kirkcaldy experienced a rise of 32.1%, to £184,177, while sought-after St Andrews saw a slight dip, with the average selling price decreasing 4% to £363,355, as a higher volume of smaller, lower-priced properties came to the market, consistent with the theme of homeowners seeking additional space.
Meanwhile, homes in West Fife and Kinross experienced a 9.1% rise, with the average selling price reaching £201,030. Dunfermline’s demand rose, with prices increasing 8.1% to £192,479.
The most affordable type of property across Fife was one-bedroom flats in Dunfermline, with an average selling price of £75,070.
Buyers pay more over Home Report for Fife homes
Homes in Fife were in high demand during July-September 2021, as buyers paid 107.9% of Home Report valuation on average – an increase of 6.7% points on the amount paid during the same period last year.
Buyers paid the highest amount of Home Report valuation in the prestigious postcodes of St Andrews, with properties attaining an average of 109.9% of their valuation – up 4.2% points on July-September 2020.
Sales volumes increase as buyers flock to Fife
Fife has become more popular with buyers across the board during recent months, with those seeking more affordable and spacious homes in commutable distance to Edinburgh opting to search for a new home in West Fife, while the picturesque seaside towns and villages of East Fife maintained a strong appeal of their own.
Overall, the volume of property sales across Fife increased by 10.4% year-on-year, as buyers prioritised homes with additional or outdoor space.
Dunfermline saw the highest volume of property sales, with two-bedroom flats in the town 40% more popular than they were during July-September 2020. The average selling price of this property type was £116,705, making it a popular choice for first-time buyers.
However, Dunfermline also proved to be a popular choice for family buyers, as three-bedroom homes also sold strongly. The volume of sales for this property type was down by 38.5% year-on-year, however it was the second highest performing in terms of sales volume.
Homes go under offer faster across Fife
Buyers snapped up homes in Fife faster than they have in the past two years. During July-September, Fife properties had a median selling time of just 11 days, down from 24 days during the same time in 2020, and 34 days in 2019.
In East Fife, homes sold in a median of 12 days, which is 58 days quicker than the same period in 2020.
Meanwhile, in West Fife and Kinross, the median selling time was just ten days, half the selling time of July-September 2020.
In particular, four-bedroom houses in Dunfermline sold the fastest, going under offer in a median time of seven days – nine days quicker than 2020.
Closing dates are on the up across Fife
The number of properties going to a closing date increased during July-September 2021, as buyer demand outstripped the supply of available properties. During this time, 35.5% of properties went to a closing date. This is a marked increase from the figures seen in 2020 and 2019, where the numbers sat at 16.5% and 10.1% respectively.
Kirkcaldy had the largest level of closing dates, with 50% of properties on the market here using one.
Less properties come to market, as demand outweighs supply
The volume of properties being listed for sale decreased across Fife, with the number of insertions down 28.7% year-on-year. While there is no clear-cut reason for this, a strong assumption may be that homeowners simply see no reason to sell; with a diminished commute on the cards for many, and Fife offering greater access to larger homes, private outdoor space and open green spaces for residents to enjoy, perhaps many homeowners are settled for the time being.
Dunfermline had the highest volume of homes listed, but this is down 39.7% on 2020’s figures. This was followed by St Andrews, where the number of property insertions was down 6.5%.
Paul Hilton, CEO of ESPC, said: “We can clearly see that demand for homes across Fife is currently incredibly strong. East Fife offers a tremendous pull for buyers seeking a new pace of life, perhaps swapping homes in the city for a life by the coast, while West Fife and Kinross presents excellent opportunities for a range of buyers – from first-time buyers to second-steppers looking for a family home, or those who just need extra space for home working, still within easy reach of commuter links.
“While things are slightly slower than they were twelve months ago, the Fife market is still very strong overall. Buyers are paying increasing amounts over the Home Report valuation, and homes are going under offer faster, with more of them going to closing dates too. While there are higher numbers of property sales, we are starting to see a reduction in the number of properties coming to market, which may further impact these factors in the coming months.
“Dunfermline is a fantastic option for buyers looking for starter or family homes; the town has the most affordable properties in the whole of Fife, and a wide variety of property types available to suit a range of budgets.”
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The above statistics are based on properties sold and listed by ESPC agents in Fife from July to September 2021, and compared to the same period last year.