Average house prices rise by £23,000 across Scotland
- Published
Kirkcaldy recorded the biggest percentage increase
Average house prices in Scotland rose by more than £23,000 to £242,213 in the last year, with Kirkcaldy in Fife seeing the biggest percentage increase.
Bank of Scotland data revealed an average jump of 10.9% across the country.
Kirkcaldy recorded an increase of 29% (£45,798) from £157,779 to £203,577.
The second biggest rise was in Johnstone, Renfrewshire, where average prices were up by 24% to £245,849 over the year.
Dunfermline in Fife was among the other significant risers, with property costs going from £190,087 to £226,481.
Prices in Edinburgh (+12.9%) and Glasgow (+13.6%) were also up on 2021.
At the other end of the scale, Ayr and Inverurie in Aberdeenshire were the only towns to see prices fall back during 2022, by 1.7% and 0.2% respectively.Graham Blair, mortgages director at Bank of Scotland, said shifts in buying patterns post-pandemic meant big cities did not lead lead the way in 2022.
"Unsurprisingly, Edinburgh remains the most expensive place to buy, but its rate of property price inflation was outstripped by a number of locations nearby," he said.
Edinburgh remains the most expensive place to buy
"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."
He said this had also happened in both East and West Lothian.
"Looking ahead to 2023 and house price growth is expected to slow in Scotland," he added.
"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."
- Published24 December 2022
- Published19 October 2022
