February 2024 - Fife Properties
Fife Properties

FP TV (EP 143) CHANGES TO SELLING HOMES: How do the new trading standards rules affect your move?

 

 

You’re not alone if you think the way homes are advertised needs a jolly good shake-up, and that’s exactly what’s happening with the new trading standards rules.

 

From buyers and sellers to estate agents and solicitors, everybody involved in moving home wants a more reliable experience with fewer wasted viewings, faster transactions and minimal fall-throughs.

 

That was the message when National Trading Standards surveyed 1000 recent or hopeful home movers back in 2021, with the following results:

  • 90% wanted essential property information displayed on portals before committing to viewing.
  • 54% were less likely to buy or rent a property where information was missing.
  • 41% assume that missing information means a property has something wrong with it.

 

On top of that, 335 property professionals were surveyed, and 91% wanted a defined list of material information to provide on every listing.

 

Well, now we have one, so let’s explore all the extra information needed to put your home on the market, and how you can benefit from the new rules.

 

 

WHAT DO THE NEW TRADING STANDARDS RULES MEAN?

Just as food nutrition labels make it easier to decide if something goes in your basket or stays on the shelf, the new trading standards will transform the amount of upfront information available to buyers.

 

This means anyone searching for a home can expect:

 

  • Greater clarity and consistency across all estate agents on their websites, portal listings, printed property details and window displays.
  • Deeper information about the quirks and qualities of every home, from geographical data and construction materials to utility connections and broadband speed.
  • New data fields on the portals to highlight any incomplete information and a link to clarify whatever is missing.

 

All the new rules will fall under the Consumer Protection from Unfair Trading Regulations 2008, and the government has indicated they could also become legislation as part of the Leveling Up agenda.

 

 

MONEY MATTERS

In case you missed it, the first raft of new rules from Trading Standards (known as Part A) came into force way back in 2022.

 

These cover the unavoidable costs of buying and owning a particular property, and every listing must now include:

  • The price expressed as a number (‘Price on Application’ is no longer legal) along with any buying fees payable to an agent or auctioneer.
  • Council tax bands and, for properties with a commercial element, business rates (for instance, live-work homes or shops with residential accommodation above).
  • Tenure information, from straightforward freeholds to the number of years remaining on a lease, along with any associated service charges, management fees and ground rent.

 

In short, the new rules are designed to remove the obstacles to someone knowing the price of a property in the first place, and whether they can afford the ongoing costs of maintenance.

 

 

 

 

RISKS, RESTRICTIONS AND RIGHTS OF WAY

As well as displaying the cost, accommodation and features of your home, Part C of the new trading standards requires extra information to be disclosed for a property affected by any of the following:

 

  • Conservation areas, listed building status or tree preservation orders that could restrict or undo a buyer’s plans around maintenance, improvements and extensions.

 

  • Easements like public rights of way across a property’s land or shared driveways to garages.
  • Risks from geographical locations like flood plains, coastal erosion or mining areas, or around building safety issues including unsafe cladding, asbestos and danger of collapse.
  • Nearby planning permissions in case they’ll limit access or change the character, appeal and noise levels of a neighbourhood.
  • Adaptations for accessibility, including step-free entry and essential living accommodation on the entrance level, as well as making it clear if a home has many steps to reach the front door.

 

Don’t worry if this sounds like a lot. We can retrieve most of this information very quickly online, and, as you’ll see in the next section, your solicitor can also be a great help when instructed early enough.

 

 

HOW TO TAKE ADVANTAGE OF THE NEW TRADING STANDARDS RULES

Ultimately, all the extra details needed when your home goes up for sale are the information your buyer’s solicitor will eventually ask for.

 

With that in mind, you can use the new rules to your advantage by getting your sale contract-ready from the very start, by:

 

  • Instructing a solicitor as soon as your home goes on the market, and ask your friends, family and estate agent for recommendations, rather than picking the cheapest option from the internet.

 

  • Asking your solicitor for the property information forms so you can complete them with all the information you’ve gathered, along with any certificates and warranties.

 

  • Getting a local authority search carried out, which can take many weeks, so you can pass it on to your buyer when the legal work begins.

 

All of this can be a huge timesaver in how long it takes to exchange contracts, which means the next exciting chapter of your life can begin even sooner.

 

 

What’s your next step?

If you’re planning to sell your home in Fife, we’d love to show you how we make the most of your first few weeks on the market when you’re likely to get the highest price.

 

Contact us: https://www.fifeproperties.co.uk/contact/ for a chat with one of our team, and let’s get your move off to a flying start.

 

 

 

FIFE PROPERTY MARKET UPDATE – 11th – 17th Feb 2024 (Watch/Listen)

 

PODCAST: https://podcasters.spotify.com/pod/show/fife-properties/episodes/FIFE-PROPERTY-MARKET-UPDATE–11th–17th-Feb-2024-e2futj9

 

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 182: DAMAGE OR WEAR & TEAR?

 

Which counts as which, and what can you claim back?

Just like a friend you haven’t seen for a long time, your rental property will look older when you get it back at the end of a tenancy, and the difference can be jarring if you haven’t visited for a while.

Regardless of whether they’re owned or rented, all homes age, but when you see yours all the time, it’s easy to miss and live with the gradual wear and tear that’s part of daily life.

Lettings Director Richard Cook, Letting Agent Kerin Marshall and Jim Parker provide hints and tips on this topic.

(Watch/read/listen) https://www.fifeproperties.co.uk/blog/damage-or-wear-tear-which-counts-as-which-and-what-can-you-claim-back

 

 

 

UK House Price Index Scotland and Fife: December 2023

 

Jim Parker provides a breakdown of the Scottish House Price Index report for December 2023 and gives his thoughts on how this could impact the Fife property market for buyers and sellers.

(Watch/Read/Listen) https://www.fifeproperties.co.uk/blog/uk-house-price-index-scotland-and-fife-december-2023/

 

 

 

The Future of the Fife Buy-To-Let Market in 2024

Discover the shifting dynamics of the Fife property market in 2024, where dwindling rental stock meets rising demands, creating unique opportunities for landlords. This analysis delves into the challenges and prospects facing both Fife buy-to-let and tenants, offering insights into how to navigate this evolving landscape. A must-read for anyone interested in the Fife property market, looking for informed strategies to thrive in these challenging times.

(Watch/Read/Listen) https://www.fifeproperties.co.uk/blog/the-future-of-the-fife-buy-to-let-market-in-2024/

 

 

 

EP 110: The Wealth Creation Show: 5 Keys to Rise in 2024!

So, what’s your strategy to get out of fear and rise to new heights in 2024?

As we look ahead at the next 12 months, one thing is clear: we are living in uncharted territory.

We are in a time when the economic, political, and social landscapes are changing at a record pace.

So, what’s your strategy to get out of fear and rise to new heights in 2024?

Luckily, you don’t need to head back to school to understand this as Lettings Director, Richard Cook is on hand to discuss.

(Watch/Listen) https://www.fifeproperties.co.uk/blog/the-wealth-creation-show-5-keys-to-rise-in-2024/

 

If you’ve missed the previous shows you can catch up on our channel: https://www.youtube.com/@WealthCreationShow

 

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 2024.

 

*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.

 

EP 110: The Wealth Creation Show: 5 Keys to Rise in 2024! (Watch/Listen)

 

 

PODCAST: https://podcasters.spotify.com/pod/show/fife-properties/episodes/EP-110-The-Wealth-Creation-Show-5-Keys-to-Rise-in-2024-e2g03o1 

 

As we look ahead at the next 12 months, one thing is clear: we are living in uncharted territory.

We are in a time when the economic, political, and social landscapes are changing at a record pace.

So, what’s your strategy to get out of fear and rise to new heights in 2024?

Luckily, you don’t need to head back to school to understand this as Lettings Director, Richard Cook is on hand to discuss.

 

If you’ve missed the previous shows you can catch up on our channel: https://www.youtube.com/@WealthCreationShow

 

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 2024.

 

*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.

The Future of the Fife Buy-to-Let Market in 2024 (Watch/Read/Listen)

 

 

PODCAST: https://podcasters.spotify.com/pod/show/fife-properties/episodes/The-Future-of-the-Fife-Buy-To-Let-Market-in-2024-e2fqqlc

 

The UK’s property market is facing a significant challenge as the availability of homes for rent has plummeted to its lowest level in five years, exacerbating the difficulties tenants face in finding affordable accommodation.

 

This alarming trend was highlighted in a recent analysis, which revealed that in 2023, only 261,542 private rental homes were available per month in the UK, marking a steep decline from the 379,459 monthly average of rental homes available in 2020—a drop of 31%, underscoring a worrying trend that has been developing over recent years.

 

This scarcity of rental properties is occurring against a backdrop of increasing mortgage costs for landlords, which, in turn, places additional pressure on the rental market.

 

Higher interest rates, coupled with a high demand for rental properties, have led to significant increases in rental prices (rising from £1,343 pcm in 2020 to £1,739 pcm in 2023 – an increase of 29%), making it increasingly difficult for tenants to find affordable housing.

 

The combination of reduced availability and escalating costs creates a challenging environment for renters, finding fewer properties available at higher rents.

 

The difficulties tenants face are further compounded by the financial pressures on mortgaged landlords, who have seen the affordability of mortgages decline sharply. This has led to a re-evaluation of their business models by some landlords, with a resultant divestment from rental property portfolios in some cases. The impact of this on the market has been profound, with average buy-to-let mortgage rates experiencing a sharp increase, further exacerbating the challenges landlords and tenants face.

 

The UK rental market’s dynamics have shifted significantly, with rents rising by 29% as available rental stock dwindled by 31% since 2020.

 

The Bank of England has highlighted the potential repercussions of this situation in its financial stability report in the summer of 2023, noting that many landlords are likely to seek a raise in rents to offset their higher costs as they come off their fixed-rate mortgages, thereby exacerbating the difficulties for tenants, particularly those with lower incomes and lower savings.

 

The supply crunch in the rental market has led to increased competition among prospective tenants, with many properties being let almost immediately to quality tenants. This competition drives rents upwards, making it even more challenging for new tenants to find affordable housing. Additionally, the reluctance of existing tenants to move, fearing higher rents elsewhere, contributes to the shortage of available properties, as fewer tenancies are ending and coming back onto the market.

 

This situation is particularly acute at the lower end of the price spectrum, where the availability of homes to rent for less than £1,000 a month has significantly declined, making it even more challenging for those on tighter budgets to find suitable housing.

 

740,027 sub £1,000 pcm UK rental properties came onto the market in 2020; this dropped to 464,774 in 2023, a drop of 37.2%.

 

In contrast, the market for premium properties (over £2,000 pcm) has seen an increase in availability of 52.6% (from 203,502 coming on the rental market in 2020 to 310,516 in 2023), highlighting the stark disparities within the rental market.

 

The implications of this trend are far-reaching, affecting not only those currently looking to rent but also the broader housing market and the economy.

 

How is this an opportunity for Fife landlords?

 

The current property market could present a notable opportunity for Fife landlords. To do that, we must look at the background statistics and numbers for the Fife area.

 

These are the average monthly stock levels of private rental homes in the Fife area (KY1-12, 14-16) …

 

  • 2019 – 416 rental properties per month in the Fife area
  • 2020 – 342 rental properties per month in the Fife area
  • 2021 – 274 rental properties per month in the Fife area
  • 2022 – 225 rental properties per month in the Fife area
  • 2023 – 173 rental properties per month in the Fife area

 

The average rent in the Fife area in 2020 was £650 per calendar month; in 2023, it was £858 per calendar month.

 

Fife rents have risen by 32%, as available rental stock dwindled by 49% since 2020.

 

 

 

The escalation of rental prices signifies a robust income stream for Fife property investors. This is particularly advantageous in a market where high demand ensures properties are let swiftly, often to quality tenants willing to pay a premium for scarce housing options. For Fife landlords, this means not only an immediate increase in rental income but also the prospect of sustained long-term profitability as market dynamics push Fife rents even higher.

 

Furthermore, the challenging mortgage landscape, with rising buy-to-let mortgage rates with high percentage mortgages, has meant more landlords leaving the market, thereby reducing competition and potentially increasing the demand for existing Fife rental properties even further.

 

This unique set of circumstances presents an opportune moment for current and prospective landlords to capitalise on their Fife property investments, leveraging the tight supply to secure higher rental yields and enhance the attractiveness of their property portfolios.

What about Fife tenants?

 

As the UK grapples with this challenging rental market landscape, a multifaceted approach is needed to address the underlying issues. This includes considering the impact of mortgage costs on landlords, the affordability of rents for tenants, and the overall availability of rental properties.

The Government need to build more homes. Yet excluding land, the building costs in the UK start from £163 per square foot. A 3-bed semi is a minimum of 1000 ft.². The most conservative estimate shows that Britain is approximately 2 million households short now, meaning the bill for those additional 2 million homes would be £326bn (excluding the land). For context, the NHS costs £181bn a year!

 

The Government currently spends £17.35bn a year on housing, which would need to increase to £49bn a year for the next ten years to pay for those 2 million homes. To give you an idea of what that would cost taxpayers …

 

Income tax would need to rise by 5.81 pence in the pound to pay for those additional 2 million homes!

 

That is the equivalent of an extra £991 per year for every taxpayer for the next ten years – not a vote winner! Yet without significant Government intervention and strategic planning, the difficulties tenants face in finding affordable homes will likely persist, with potential long-term implications for the housing market and the broader economy.

 

Meanwhile, British landlords must pick up the pieces and continue to buy properties. Unfortunately, it is the nature of the game that with limited supply and increasing demand, prices (i.e. rents) go up. My heart goes out to Fife tenants having to pay these increased rents, but the market is the market, and we cannot control that. It has been proved beyond doubt, in Scotland and around the world, that rent controls do more harm than good, so I hope that the Government grasps the nettle and finally does something to sort our housing issues once and for all in the medium to long term.

 

Please do give me your thoughts on the matter.

 

UK House Price Index Scotland and Fife: December 2023 (Watch/Listen)

PODCAST: https://podcasters.spotify.com/pod/show/fife-properties/episodes/UK-House-Price-Index-Scotland-and-Fife-December-2023-e2fpltf 

 

Economic statement

 

Average house prices in Scotland increased by 3.3% (provisional estimate) in the 12 months to December 2023. This was up from 1.1% (revised estimate) in the 12 months to November 2023 and was higher than the average UK house price annual inflation of negative 1.4% (provisional estimate) in the 12 months to December 2023.

 

On a non-seasonally adjusted basis, average house prices in Scotland decreased by 0.9% between November 2023 and December 2023, compared with a decrease of 3.0% during the same period 12 months ago. On a seasonally adjusted basis, average house prices in Scotland increased by 1.0% between November 2023 and December 2023.

 

Comparing the provisional UK HPI volume estimate for October 2022 with the provisional UK HPI volume estimate for October 2023, the volume of transactions decreased by 13.7% in Scotland and by 26.7% in the UK.

 

In Scotland, detached houses showed the highest annual percentage change out of all property types, increasing by 5.6% in the 12 months to December 2023 to £349,000. Terraced houses showed the lowest annual percentage change, which increased by 1.8% in the 12 months to December 2023 to an average price of £160,000.

 

The highest annual percentage change was in East Renfrewshire, where average house prices increased by 8.8% in the 12 months to December 2023 to £310,000. The lowest annual percentage change was in Dumfries and Galloway, where average house prices decreased by 6.9% in the 12 months to December 2023 to £156,000.

 

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.

 

FPTV (EP 182) DAMAGE OR WEAR & TEAR? Which counts as which, and what can you claim back? (Watch/Read/Listen)

 

PODCAST: https://podcasters.spotify.com/pod/show/fife-properties/episodes/FPTV-EP-182-DAMAGE-OR-WEAR–TEAR–Which-counts-as-which–and-what-can-you-claim-back-e2fte8e

 

Just like a friend you haven’t seen for a long time, your rental property will look older when you get it back at the end of a tenancy, and the difference can be jarring if you haven’t visited for a while.

 

Regardless of whether they’re owned or rented, all homes age, but when you see yours all the time, it’s easy to miss and live with the gradual wear and tear that’s part of daily life.

Continue reading FPTV (EP 182) DAMAGE OR WEAR & TEAR? Which counts as which, and what can you claim back? (Watch/Read/Listen)

FIFE PROPERTY MARKET UPDATE –4th – 10th Feb 2024

 

 

PODCAST: https://podcasters.spotify.com/pod/show/fife-properties/episodes/FIFE-PROPERTY-MARKET-UPDATE-4th–10th-Feb-2024-e2fldkq

 

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 181) A NEW LOOK FOR 2024: Discover the year’s first major trends for home interiors

 Style and comfort are the perfect combination for every home – not just for quality moments, but also for adding value when you want to move.

Jim Parker and Richard Cook take a look at what is trending with home interiors for 2024 and provide hints and tips for sellers in Fife.

(Watch/Read/Listen) https://www.fifeproperties.co.uk/blog/a-new-look-for-2024-discover-the-years-first-major-trends-for-home-interiors/

 

 

 

Zoopla UK House Price Index – JANUARY 2024

Executive summary

  • UK house price inflation moderates to -0.8% on rising sales volumes
  • Strong seasonal rebound in sales activity in first weeks of January on back of pent-up demand and sub-5% mortgage rates
  • Demand up 12% year-on-year, led by London and East of England
  • Sales agreed up 13% year on year – sales up across all regions
  • Available homes for sale over 20% higher than a year ago
  • Important not to over-interpret the positive start to the year – there is some upside for sales
  • volumes, but we remain in a buyers’ market
  • A fifth of sellers having to accept more than 10% below the asking price to secure a sale, closer to 1 in 4 across southern England

(Watch/Listen) https://www.fifeproperties.co.uk/blog/zoopla-uk-house-price-index-january-2024/

 

 

 

FIFE PROPERTY MARKET: Is it a Buyers’ or Sellers’ Market?

With mortgage costs tumbling and sales on the rise, it’s a pivotal time for both buyers and sellers. But where does Fife stand in this changing landscape? Is it a buyers’ haven or a sellers’ market? For a deep dive into Fife’s property dynamics and what it means for your home-selling or buying journey, click on the link to read the full article and gain invaluable insights tailored just for Fife.

Jim Parker provides guidance for buyers and sellers in Fife as he discusses this article.

(Watch/Read/Listen) https://www.fifeproperties.co.uk/blog/fife-property-market-is-a-buyers-or-sellers-market/

 

 

 

EP 109: The Wealth Creation Show: Money, Wealth Creation and Property Investment

In today’s dynamic world, the pursuit of financial stability and wealth creation has become a common aspiration.

One avenue that has consistently proven to be lucrative is property investment, encompassing both rental income and capital appreciation.

For individuals seeking financial independence it is important to understand the intertwining concepts of money, wealth creation, and property investment.

Would you like to understand the significance of these elements in building a successful investment portfolio

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 are on hand to discuss.

(Watch/Listen) https://www.fifeproperties.co.uk/blog/the-wealth-creation-show-money-wealth-creation-and-property-investment/

 If you’ve missed the previous shows you can catch up on our channel: https://www.youtube.com/@WealthCreationShow

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 2024.

*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.

 

EP 109: The Wealth Creation Show: Money, Wealth Creation and Property Investment (Watch/Listen)

 

 

PODCAST: https://podcasters.spotify.com/pod/show/fife-properties/episodes/EP-109-The-Wealth-Creation-Show-Money–Wealth-Creation-and-Property-Investment-e2fm8hm

 

In today’s dynamic world, the pursuit of financial stability and wealth creation has become a common aspiration. One avenue that has consistently proven to be lucrative is property investment, encompassing both rental income and capital appreciation. As a seasoned property investor and agent with a wealth of experience, Jim understands the significance of these elements in building a successful investment portfolio. Today we will explore the intertwining concepts of money, wealth creation, and property investment, showcasing the opportunities they present for individuals seeking financial independence.

 

  1. Money: The Foundation of Wealth Creation

 

Money serves as the lifeblood of wealth creation. It provides the means to invest, seize opportunities, and generate passive income. However, it is crucial to understand that wealth creation is not solely about accumulating money, but rather about utilising it wisely. It is important that we emphasises the importance of financial literacy and prudent money management, as these are fundamental pillars in the journey towards wealth creation.

 

  1. Wealth Creation: A Steady Path to Financial Independence

 

Wealth creation is a gradual process that involves strategic planning and a long-term perspective. Property investment offers a reliable avenue for wealth creation due to its potential for generating both rental income and capital appreciation. By acquiring income-generating properties, individuals can create a sustainable cash flow that contributes to their financial independence. The best advise is for investors to diversify their property portfolio, carefully selecting properties in locations with high rental demand and potential for future growth.

 

  1. Rental Income: A Consistent Source of Cash Flow

 

Rental income is an attractive aspect of property investment. By acquiring properties and leasing them to tenants, investors can generate a steady cash flow, which can be reinvested in further property acquisitions or other wealth-building ventures. We need to emphasize the importance of effective property management, ensuring that rental properties are well-maintained and tenants are reliable, resulting in a consistent stream of rental income.

 

  1. Capital Appreciation: Unlocking Long-Term Wealth

 

Property investment also offers the potential for capital appreciation, wherein the value of the property increases over time. This appreciation can be attributed to various factors such as location, infrastructure development, and market demand. We recommend that investors conduct thorough research and identify properties in areas with strong growth potential. By holding onto properties for the long term, investors can benefit from significant capital gains, further enhancing their wealth creation journey.

 

To finalise, money, wealth creation, and property investment are interconnected elements that pave the way to financial independence. Through prudent money management and strategic property investment, individuals can generate both rental income and capital appreciation, building a robust and diversified investment portfolio.

 

Jim, as an experienced estate agent and property investor, understands the immense potential that property investment holds and encourages individuals to embark on this lucrative journey.

 

By investing wisely and staying committed to long-term goals, individuals can unlock the doors to financial success and secure a prosperous future.

 

If you’ve missed the previous shows you can catch up on our channel: https://www.youtube.com/@WealthCreationShow

 

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

FP TV (EP 181) A NEW LOOK FOR 2024: Discover the year’s first major trends for home interiors (Watch/Read/Listen)

 

 

PODCAST: https://podcasters.spotify.com/pod/show/fife-properties/episodes/FP-TV-EP-181-A-NEW-LOOK-FOR-2024-Discover-the-years-first-major-trends-for-home-interiors-e2fjss6

 

Style and comfort are the perfect combination for every home – not just for quality moments, but also for adding value when you want to move.

 

Interior trends have a longer shelf life than the fickle world of fashion, and perhaps never more than in 2024 with its focus on developing a style from the things you already own and love.

 

We’ve been trawling through countless articles for long-term looks to switch up your style and add thousands to your price, and we’ve narrowed the field to five of the best:

  • Bookshelf wealth
  • Urban aunt
  • Minimaluxe
  • Geometric design
  • Spathroom style

So whether you’re looking to pile on the value as you gear up to sell, or seeking inspiration for your next decor style, let’s explore the latest interior trends for 2024 and how you can create them at home.

 

 

BOOKSHELF WEALTH

Do you love to read while surrounded by beautiful things? Then Bookshelf Wealth is right up your street with its upstyling of shelves from simple storage to classy curations.

 

  • Think beyond just books and include additional items that reflect your hobbies and interests or simply bring you joy, from ceramics and photographs to candles and beyond.

 

  • Arrange objects in odd pairings, like threes or fives, so you can centre one item and create a sense of thoughtful styling, rather than a haphazard jumble.
  • Keep some breathing room between your books and accessories to avoid the shelves feeling overstuffed: think about highlighting empty space as much as the objects you include.

Remember: a successful Bookshelf Wealth display is all about a look that feels carefully curated – instead of chaotic and cluttered – to turn your shelves into works of art.

 

 

URBAN AUNT

One for the keen traveller, the metropolitan style of Urban Aunt comes through gathering mementoes from your travels with a purposeful vision to enhance your living space.

 

Urban Aunt embraces the art of collecting to build an eclectic but complementary collection that would otherwise never be in the same country, let alone the same home.

 

  • Instead of matching pieces of similar styles or ages, think more about the materials and tones to weave a story of colour and texture.
  • Use sumptuous fabrics like velvet, corduroy and high-pile textiles with rich, saturated hues like gorgeous clarets, deep blues, and cosy browns.
  • Mix materials with tactile and variegated surfaces like raw brickwork and rich timber, or metals that develop a patina over time, like brass, bronze and copper, for an ever-evolving depth.

 

Looking to fast-track the Urban Aunt style without the air miles? Head to auction houses to find stuff from around the world – nobody needs to know they came from down the road!

 

 

MINIMALUXE

If you find minimalism too sparse and maximalism too much, perhaps minimaluxe is the style for you with its pared-back airy palette and pared-down display of your very most favourite things.

 

  • Minmaluxe is about subtle contrast and soft edges, so choose a neutral palette in either a single colour or complementing shades for woodwork, walls, furnishings and accessories.
  • Dress windows minimally, or not all. Choose blinds or curtains in the same colour as your paintwork for a sense of calm that doesn’t feel too decorated.
  • Add layers and texture through soft materials like boucle, wool and brushed cotton for upholstery, throws and cushions.

 

  • Keep the contents of shelves down to just a few treasured items that match the tone and mood of the room – hide everything else neatly in a cupboard.

 

The key is keeping it elegantly simple, rather than bare, to create a haven of chic design for curling up in a breezy, light, and stylishly soothing space.

 

 

GEOMETRIC DESIGN

A pattern or motif can make a space instantly more interesting, and, for 2024, geometric designs are making a return with their ability to straddle the modern traditional divide with ease. Expect to see:

  • Checkerboard rugs as part of a resurgence in sweet vintage detailing alongside pop-art florals and even ruffles on cushions.

 

  • Handmade tiles with flawed and tactile surfaces, from the imperfections and unique character of Zellige tiles from Morocco to the softer edges of hand-illustrated motifs.

 

  • Candy cane stripes: we’d advise against a top-to-bottom festival, but in moderation they can add width, length or height to rooms, or inject a burst of fun to headboards and chairs.

Whether you’re making a bold declaration with vibrant colours or an elegant understatement with neutral tones, geometric designs are a versatile way to give your look some shape.

 

 

SPATHROOM STYLE

We’ve raved about adding spa-like touches to bathrooms for ages, so it’s great to see them getting an upgrade from sales technique to design trend.

 

Of course, as buyers read about the trend in magazines, their expectations will increase, so try the following for an instant injection of stylish, luxury Zen:

  • Materials like stone, quartz and marble offer visual and tactile indulgence, from headliners like tiles and vanity tops to smaller accessories like toothbrush holders and soap trays.
  • Fluffy robes, plush towels, designer candles, trailing plants and warm lighting are a blissful combination for a serene and sensual atmosphere.

 

  • The soft warmth of timber is the perfect contrast to hard tiled surfaces, from duckboards and bath trays to open ladder shelves and towel rails.

 

Of course, there’s nothing like taking inspiration straight from the source, so why not head to the spa for a day or overnight stay, and tell yourself it’s for research for a guilt-free treat!

 

 

Are you styling your home to sell this year?

Before you rush to the shops, let’s chat about the best places to spend your hard-earned cash for the highest return.

 

Contact us at https://www.fifeproperties.co.uk/contact/  to speak with our team about selling a property in Fife and how we can help you find the perfect buyer.

 

 

Fife Property, Fife, Fife Estate Agent, Home Selling Tips, 2024 Home Trends,

FIFE PROPERTY MARKET: Is it a Buyers’ or Sellers’ Market? (Watch/Read/Listen)

 

 

PODCAST: https://podcasters.spotify.com/pod/show/fife-properties/episodes/FIFE-PROPERTY-MARKET-Is-a-Buyers-or-Sellers-Market-e2fg3o6

 

House Sales Up 14.8% on 2023 as Mortgage Rates Fall Yet is it a sellers’ market in Fife?

 

The number of agreed UK property sales until the last Sunday of January (28th) is 8.35% higher than a year ago. Tumbling mortgage costs have encouraged buyers and sellers to return to the property market.

 

There is a more buoyant picture for the UK property market in the first four weeks of January 2024 compared with the same first four weeks in 2023.

 

Every UK region has seen an increase in the number of properties selling (subject to contract) in January 24 vs January 23; the most significant rise was found in Inner London, which was up 25.14% year-on-year, followed by the South East, at 20.02%, the South West at 16.18%. Most other regions (West Midlands, Outer London, North West, Yorkshire, Ulster, East Anglia, Wales, East Midlands & North East) increased by between 12% and 15%. The smallest rise was in Scotland at 4.45%.

 

As well as increased property sales, the supply of UK properties on the market is 13.95% higher than a year ago

 

(592,574 for sale in January 2024 versus 519,987 for sale in January 2023)

 

According to Zoopla, London experienced the most significant rise in potential buyer interest, with a 21% uptick in new buyer inquiries in the capital during the initial three weeks of January compared to last year. This surge was the highest recorded across all UK regions, significantly surpassing the national average increase of 12%.

 

Net sales (sales agreed less sale fall throughs) paint an even better picture, with a rise of 14.8%

 

(55,459 net UK home sales to January 28th 2024, compared to 48,325 net

UK home sales to January 28th 2023)

 

Growing optimism is evident among prospective buyers and sellers as mortgage interest rates, which saw a significant rise in 2023, have started to fall in the last month or so. By the end of December, inflation had fallen to 4%, down sharply from a peak of 11.1% in October 2022 and considerably lower than the Bank of England’s anticipated 4.6%. Additionally, the average mortgage rates have dipped to their lowest point since early June, with some banks & building societies reducing mortgage rates to below 4% (for those with large deposits). Even with this upswing in property market activities, price levels are likely to remain stable, and the market will continue to favour buyers due to ongoing mortgage affordability issues and the still relatively high-interest rates.

 

The reduction in mortgage rates has undoubtedly rejuvenated buyer interest and transactions, particularly after a slowdown in the latter half of 2023, when many prospective movers paused their plans. This resurgence is expected to help increase the number of properties sold, which, at one million, were at an 11-year low in 2023.

 

However, I can not see this trend leading to a significant increase in house prices in 2024 since the market remains finely balanced with a medium-term drift towards a slightly weaker sellers’ market for Q2/Q3 in 2024 (compared to 2021, when it was an extreme sellers’ market). Sellers eager to move in 2024 might find encouragement in these initial signs of increased activity. Still, the buyer’s focus on value means that any undue optimism on the part of sellers could hold back the current property market recovery.

 

There are also warnings that the uncertainties often associated with a general election year inhibit the property market, as buyers and sellers become more cautious in their decisions in the lead up to voting at the polls.

 

This is the time to be realistic with your pricing if you’re going to put your Fife home on the market

 

So, what sort of market are we in?

 

The measurement of whether it’s a buyers’, balanced, or sellers’ market is based on the proportion of properties marked as “Sold STCM” and “Under Offer” compared with the total number of properties on the market, e.g. if there are 45 properties sold stcm and 100 properties available/for sale, then 45 as a percentage of 100 is 45%.

 

This isn’t just a numbers game; it’s a gauge of market sentiment:

 

  • Extreme Buyers’ Market (0%-20%)
  • Buyers’ Market (21%-29%)
  • Balanced Market (30%-40%)
  • Sellers’ Market (41%-49%)
  • Hot Sellers’ Market (50%-59%)
  • Extreme Sellers’ Market (60%+)

 

The weight of these brackets can’t be overstated. They directly impact everything from listing prices to negotiation leverage.

 

Current Fife Property Market Snapshot

 

To calculate where Fife’s property market stands now, let’s incorporate our most recent findings for January 2024. The numbers and statistics have been taken from the website ‘The Advisory’, which has calculated the market state stats for many years. I am sharing them from the summer of 2018 to January 2024.

 

What are the Statistics for the Fife Area Since 2018?

 

Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Dec-22 Mar-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Jan- 24
54% 51% 48% 83% 78% 68% 58% 59% 60% 61% 59% 58% 56%

 

Looking at the stats it was quite clearly an extreme sellers’ market in the summer of 2021 at 83%. In 2023, the Fife property market changed, and it was hovering in the high 50%, a hot sellers’ market (albeit a weaker sellers’ market than the summer of 2021). In January 2024, it is drifting downwards towards sellers’ market territory.

 

 

 

Consequences and Thoughts for Fife’s Property Market

 

This new data prompts me to take stock and ponder.

 

For Fife home sellers: We are transitioning into a market where sellers must be more strategic, flexible, and patient. It would help if you braced yourself to expect your home to be on the market for longer with an extended marketing period.

 

Realistic pricing is even more vital than ever.

 

In 2022, for 86.1% of Fife properties that came onto the market, the owner moved (i.e., exchanged and completed) instead of withdrawing off the market, unsold. In 2023, that figure had reduced to 80.6% (interesting, when compared with the national picture when it was 65.33% in 2022 and 52.86% in 2023).

 

For Fife home buyers: What are the challenges and opportunities? Some homes will still have bidding wars, yet you will have the luxury of choice and time with others.

 

External influences, from global economic trends, inflation and interest rate repercussions could all cast shadows on the Fife property market. The pre-election Budget will no doubt affect the property market as will everything going on ice in the three or four weeks up to the election itself.

 

Delving Deeper: Strategies and Tactics to Sell Your Fife Home

 

Given the property market’s temperature, here are more granular insights:

 

Sellers: As I’ve already mentioned, pricing is absolutely key to finding the right buyer. Also, the marketing to make your home stand out is vital – like video/virtual tours and specialised social media campaigns—could make a difference in a cooling market.

 

Buyers: Again, there is more than one market. The competition will heat up if you are looking for the type of property everyone wants. Having your mortgage pre-approval in place will give you an advantage over other buyers. Also, it is worth being open to widening your search radius to spot bargains others could miss. On the other hand, Fife home buyers can exert more power in negotiations in a less competitive market, from offer price to extras (e.g. carpets or fixtures and fittings). Don’t forget –

 

81% of sellers are also buyers. So, what you might lose from selling in a buyers’ market means you gain when buying

 

Final thoughts – as we enter the second month of 2024, the Fife property market offers both challenges and opportunities for Fife’s home buyers and sellers. Understanding the market nuances is vital if you are a Fife first-time buyer, an existing homeowner looking to move, a seasoned property buy-to-let investor, or someone looking to relocate.

 

Stay adaptable, stay informed and remember that, as always, your home-moving story is as much about the journey as the destination.

 

What are your thoughts on Fife’s evolving property scene? Do you anticipate any other trends or shifts in the Fife property market? What are your local insights and experiences?

 

 

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