House prices in one of the most picturesque areas of Scotland grew by almost 20 per cent during the past 12 months.
According to the latest data, the value of an average property in the East of Fife gre by 17.5% to reach £289,561 last month.
The area, which includes the East Neuk, is popular with artists and features many charming coastal villages and rugged scenery. However, locals may fear being priced out of the market as the cost of property rises.
Figures contained in the latest ESPC May House Price Report show values have risen across Edinburgh, the Lothians, Fife and the Borders.
Between March and May 2022, the average selling price in these areas was £274,309, a 5% increase on the same period in 2021 when the average selling price was £261,184.
One of East Fife's charming seaside villages
West Lothian has also witnessed a significant increase in the average selling price, with an average selling price of £255,171 – an increase of 12.7% annually.
The average selling price within Edinburgh was £295,979, an annual increase of 6.4% compared to March to May 2021.
The north west suburbs recorded the highest price change within Edinburgh, a 21.4% increase in average selling price, meaning properties here sold for £282,751.
Three bedroom homes in South Queensferry and Dalmeny reported at 27.6% annual increase, with an average selling price over the last three months of £310,612.
Nearby, three bedroom homes in Cramond, Barnton and Cammo had the highest annual average selling price increase, a significant 29.1% rise to £439,957. We’ve consistently seen high demand in this area over the last year.
Two bed homes in Dunfermline offered some of the most affordable opportunities for buyers in the region between March and May 2022, with two bed flats achieving an average selling price of £107,325 and two bed houses here achieving £134,590 on average.
One bed flats in Musselburgh are also a good option for first time buyers with an average selling price of £133,693.
The area boasts stunning scenery
Paul Hilton, CEO of ESPC, said: “This has been a very active three months in the property market, where we continue to see strong evidence of high buyer demand driving up prices and speeding up the market. We are seeing that the volume of listings and sales are levelling off which is encouraging for the long-term sustainability of the market.
"Three bed family homes have dominated the data this month, highlighting that home buyers may still be looking for additional space to accommodate a post-Covid lifestyle.
“This is a trend that we’ve been witnessing for the past few months and one that is likely to continue over the next few months.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here