Fife leads as Scots house prices rise 11% to £242,000

Scottish house prices rose an average of £23,814 (10.9%) to £242,213 in the 12 months to November 2022, according to the latest Bank of Scotland data.

Kirkcaldy recorded Scotland’s strongest house price growth in 2022, rising by +29%. The Fife town saw prices rise by £45,798 to £203,577, up from £157,779 in 2021.

Johnstone in Renfrewshire was next on the list, with house prices rising by +24.3% (£48,127) from £197,722 to £245,849 over the last year.

Dunfermline also recorded strong growth, with the average property increasing in value by +19.1% (£36,394) over the last year, from £190,087 to £226,481.

Average house prices in Edinburgh have risen by +12.9% (£37,781) to £330,607.

Glasgow saw average house prices rise to £246,209 this year, an increase of +13.6% (£29,512) compared to 2021 (£216,696).

At the other end of the scale, Ayr and Inverurie were the only towns to see prices fall back during 2022, by -1.7% and -0.2% respectively.

Graham Blair, Mortgages Director, Bank of Scotland, said: “Scottish house prices have continued to rise over the last 12 months, with properties in almost every area now worth more than a year ago.

“During 2022 it’s not been big cities leading the way. Unsurprisingly, Edinburgh remains the most expensive place to buy, but its rate of property price inflation was outstripped by a number of locations nearby.

“This is partly due to pandemic-driven shifts in housing preferences as buyers sought bigger properties further from major urban centres.

“We can see this clearly in commuter towns across Scotland, but Fife has been a notable hotspot, with both Kirkcaldy and Dunfermline recording strong house price growth, likewise towns in both West and East Lothian.

“Looking ahead to 2023 and house price growth is expected to slow in Scotland.

“However, it’s important to remember that this follows more than two years of rapid growth.

“A period of adjustment was always likely, particularly given the current economic environment.”