Weekly round up on what’s driving the Fife Property market including a look at recent listings, sales and coming soon:
Article, Podcast and TV Shows written and produced this week are:
FPTV (EP 153) SELL NOW OR WAIT? What’s the right move for you?
Continue reading FIFE PROPERTY MARKET UPDATE – 23rd – 29th JULY 2023 (Watch/Listen)
Our brains are wired to focus on the negative and this is no different when it comes to building success and wealth.
There are a few secrets to living a rich life and building your own success without letting the negative hold you back.
Are you able to be thankful without doubt? Do you spend time investing in yourself? Are you using your time wisely to set goals, build assets and scale up?
Luckily, you don’t need to head back to school to understand this as Lettings Director, Richard Cook and one of the UK’s most successful property investors, Jim Parker is on hand to discuss
If you’ve missed the previous shows you can catch up on our play list: https://www.youtube.com/playlist?list=PLu-dtDBNhbLJvH_47QHVWEQSB0w2_KGj9
If you are a private client of ours, including the ongoing support you can also receive one to one mentoring on portfolio building. Please contact us to richard.cook@fifeproperties.co.uk
This is all about accelerating your wealth in 2023.
*We must point out that we are not financial advisors, and this is only our opinion of what we would do. Investments can go down as well as up so if you do want professional advice from a qualified advisor, please contact us direct and we will put you in touch with someone.
Executive summary
The private rented sector for both Fife landlords and Fife tenants is facing immense challenges, with a shortage of available homes for rent putting renters under significant pressure.
And you can see why when the average UK rent in 2021 was £1,381 and in 2023 it has been £1,706, an increase of 23.53%.
Let’s look closer to home in the Fife area. Despite the rent controls set up by the Scottish Government in October 2022 …
When the property market takes an uncertain turn, it can throw your moving plans into doubt.
Remember the post-Brexit wobble? And when Covid struck? Both looked catastrophic for sellers, but prices surged in the boom that followed with a massive shortage of property from such high demand.
Now, higher interest rates and inflation are causing many buyers to press pause and keep renting as they wait to see how things pan out.
While most people don’t move for financial reasons – factors like family, work and lifestyle are the ones that run the show – it’s money that makes every move possible.
So is selling your home a good or bad idea right now? Will you actually find a buyer? Or are you better off waiting, and for how long?
Continue reading SELL NOW OR WAIT? What’s the right move for you? (Watch/Read/Listen)
Weekly round up on what’s driving the Fife Property market including a look at recent listings, sales and coming soon:
Article, Podcast and TV Shows written and produced this week are:
FP TV (EP 152) TOO MANY TENANTS: How do you pick the best of the best for your rental property?
It sounds like a landlord’s dream come true: a shortage of rental homes, multiple tenants competing for each one, and rents going through the roof. It’s the same story for almost every property to rent, but the flood of enquiries can be overwhelming. So how do you avoid getting bogged down in a sea of viewings and admin? Lettings Director Richard Cook and Jim Parker provide an insight into how this process works.
(Watch/read/listen) https://www.fifeproperties.co.uk/blog/fp-tv-ep-150-too-many-tenants-how-do-you-pick-the-best-of-the-best-for-your-rental-property/
Continue reading FIFE PROPERTY MARKET UPDATE – 16th – 22nd JULY 2023 (Watch/Listen)
Success in business does not comes easily and you will inevitably be faced with challenges along the way.
Often, we allow distractions to invade our lives and the key to moving forward is being able to spot some of the most common distractions and eliminate them before they infiltrate any further.
Are you a ‘yes’ man? Don’t be.
Do you listen to too many people? Don’t do that, either!
Luckily, you don’t need to head back to school to understand this as Lettings Director, Richard Cook and one of the UK’s most successful property investors, Jim Parker is on hand to discuss
If you’ve missed the previous shows you can catch up on our play list: https://www.youtube.com/playlist?list=PLu-dtDBNhbLJvH_47QHVWEQSB0w2_KGj9
If you are a private client of ours, including the ongoing support you can also receive one to one mentoring on portfolio building. Please contact us to richard.cook@fifeproperties.co.uk
This is all about accelerating your wealth in 2023.
*We must point out that we are not financial advisors, and this is only our opinion of what we would do. Investments can go down as well as up so if you do want professional advice from a qualified advisor, please contact us direct and we will put you in touch with someone.
Economic statement
Average house prices in Scotland increased by 3.2% in the 12 months to May 2023. This was up from 1.8% the 12 months to April 2023 and was faster than the average UK house price annual inflation of 1.9% in the 12 months to May 2023.
On a non-seasonally adjusted basis, average house prices in Scotland increased by 3.0% between April 2023 and May 2023, compared with an increase of 1.6% during the same period 12 months ago. On a seasonally adjusted basis, average house prices in Scotland increased by 2.2% between April 2023 and May 2023.
Comparing the provisional UK HPI volume estimate for March 2022 with the provisional UK HPI volume estimate for March 2023, the volume of transactions decreased by 0.6% in Scotland and by 9.6% in the UK.
In Scotland, detached houses showed the highest annual percentage change out of all property types, increasing by 4.1% in the 12 months to May 2023 to £345,000. Semi-detached houses showed the lowest annual percentage change, which increased by 1.9% in the 12 months to May 2023 to an average price of £202,000.
The highest annual percentage change was in East Lothian, where average house prices increased by 16.1% in the 12 months to May 2023 to £339,000. The lowest annual percentage change was in West Dunbartonshire, where average house prices decreased by 4.0% in the 12 months to May 2023 to £130,000.
As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.
It sounds like a landlord’s dream come true: a shortage of rental homes, multiple tenants competing for each one, and rents going through the roof.
It’s the same story for almost every property to rent in YOUR TOWN, but the flood of enquiries can be overwhelming. So how do you avoid getting bogged down in a sea of viewings and admin?
During the pandemic, the property market experienced a surge in demand for larger Fife homes with spacious gardens. However, the tides are shifting, and a new trend is emerging. The combination of an ageing Fife population, the post-Covid trend for early retirement and economic uncertainty has sparked a newfound love for downsizing.
And surprisingly it is the bungalow, often overlooked in favour of more glamorous options, that is now left, right and most certainly centre in the spotlight.
As average mortgage rates have risen above 6%, middle-class families facing financial constraints seek alternatives to their larger homes.
Bungalows are becoming increasingly the preferred choice for those looking to downsize.
Continue reading The Rise of Bungalows in the Fife Property Market (Watch/Read/Listen)
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