The Fife housing market, like many others, has experienced a notable shift in 2023.
The percentage of home sales agreed and moved (completed) compared to those withdrawn from the market unsold has decreased relative to 2022.
Tag: fife estate agent
Zoopla UK House Price Index – DECEMBER 2023 (Watch/Listen)
Executive summary
- Annual house price inflation is -1.1%, down from +7.2% a year ago
- Market sentiment improving with new sales agreed +17% year-on-year
- House price falls starting to moderate as sales improve
- Mortgage regulations a key reason for only modest price falls in 2023, along
with strong labour market and rapid earnings growth
- First-time buyers are largest group of would-be movers in next 2 years (40%)
followed by upsizers (34%)
- Almost half of buyers living in southern England looking to move >10 miles in
search of better value for money
- House prices to fall 2% over 2024 with 1m sales
UK House Price Index Scotland and Fife: October 2023 (Watch/Listen)
Economic statement
Average house prices in Scotland increased by 0.2% (provisional estimate) in the 12 months to October 2023. This was down from 0.8% (revised estimate) in the 12 months to September 2023 and was faster than the average UK house price annual inflation of negative 1.2% (provisional estimate) in the 12 months to October 2023.
On a non-seasonally adjusted basis, average house prices in Scotland decreased by 0.5% between September 2023 and October 2023, compared with an increase of 0.1% during the same period 12 months ago. On a seasonally adjusted basis, average house prices in Scotland decreased by 0.3% between September 2023 and October 2023.
Comparing the provisional UK HPI volume estimate for August 2022 with the provisional UK HPI volume estimate for August 2023, the volume of transactions decreased by 11.2% in Scotland and by 16.2% in the UK.
In Scotland, detached houses showed the highest annual percentage change out of all property types, increasing by 2.0% in the 12 months to October 2023 to £350,000. Flats and Maisonettes showed the lowest annual percentage change, which decreased by 1.8% in the 12 months to October 2023 to an average price of £128,000.
The highest annual percentage change was in Clackmannanshire, where average house prices increased by 11.2% in the 12 months to October 2023 to £180,000. The lowest annual percentage change was in West Lothian, where average house prices decreased by 4.5% in the 12 months to October 2023 to £203,000.
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.
FIFE PROPERTY MARKET UPDATE – 10th – 16th Dec 2023 (Watch/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:
FPTV (EP 173) SELLING IN WINTER: How to play to the season’s strengths to move home in spring
If you want to move home in spring, winter is the time to get it live on the market, but does anyone actually buy at this time of year? Well, yes, they do.
Jim Parker and Perrie McIntosh discuss this subject and provide guidance to help you get prepared for moving.
(Watch/Read/Listen) https://www.fifeproperties.co.uk/blog/selling-in-winter-how-to-play-to-the-seasons-strengths-to-move-home-in-spring/
ZOOPLA UK Rental Market Report – December 2023
Executive summary
- The UK is past peak rental growth. We expect annual UK rental growth to halve over 2024 to 5%, the lowest growth since 2021.
- London will lead the slowdown with rents expected to increase by just 2% over 2024 as affordability pressures impact demand.
- Demand is weakening slowly off a high base, down 11% year on year, but still a third higher than the 5-year average.
- There are signs asking rents have overshot in some markets, evidence of growing resistance to higher rents.
- The supply-demand imbalance in rented housing is not going to disappear in 2024 but the market will become more into balanced.
- Rents in regional markets are set to out-perform where affordability is less of a constraint on rental growth.
(Watch/Listen) https://www.fifeproperties.co.uk/blog/zoopla-uk-rental-market-report-december-2023/
EP 102: The Wealth Creation Show: What can we Learn from Other People’s Success?
Learning from others who are more successful is a key element to leveraging yourself in your relevant field and generally in life.
During Jim’s recent adventure he was lucky enough to have had the opportunity to spend time with very successful people like Billionaire Entrepreneur Richard Barnson and Jamie Siminoff – the founder of the billion-dollar company Ring.com!
In this week’s show we are going to explore what he learned from these highly successful people.
Do you want to know the benefits of the knowledge from your peers and learning from more successful people?
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-what-can-we-learn-from-other-peoples-success/
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 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.
NAVIGATING THE FIFE PROPERTY MARKET: The Art of Pricing Properties Right (Watch/Read/Listen)
As we stand at the threshold of 2024, facing economic uncertainties and a shifting housing landscape, the significance of correct pricing in Fife’s property market has never been more pronounced.
This comprehensive guide delves into the crucial aspects of property pricing and its profound impact on the property market transaction process.
FIFE PROPERTY MARKET UPDATE – 26th Nov – 2nd Dec 2023 (Watch/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 171) GOING NOWHERE: Is your asking price or estate agent holding up your sale?
If your home has been on the market for a while, something probably needs to change to get your move underway.
Jim Parker and Perrie McIntosh discuss whether this is due to the current property market or whether it is something else that could be preventing your sale.
(Watch/Read/Listen) https://www.fifeproperties.co.uk/blog/going-nowhere-is-your-asking-price-or-estate-agent-holding-up-your-sale/
FIFE PROPERTY MARKET: Which homes are selling the best?
Explore the ever-changing landscape of the Fife property market, where the dynamics of property sales fluctuate across different price ranges.
Are homes in the lower priced market selling faster than those in the upper market in Fife, or is it the other way around?
Dive into our detailed analysis as Jim Parker and Perrie McIntosh uncover the trends shaping Fife’s property scene and find out which segment of the market is truly leading the way.
(Watch/Read/Listen) https://www.fifeproperties.co.uk/blog/fife-property-market-which-homes-are-selling-the-best/
Zoopla UK House Price Index – NOVEMBER 2023
Executive summary
- UK house price inflation slows to -1.2%, down from 8.2% a year ago
- Price falls extend across country, but declines remain modest
- No acceleration of price falls in markets with highest values
- Greater realism on pricing supporting new sales volumes which are 15% higher than a year ago and 5% up on 2019 levels
- Homes for sale touches a 6-year high boosting choice and reenforcing the buyer’s market and downward pressure on prices
- Sellers accepting 5.5% off the asking price to agree sales, an average discount of £18,000 – the largest gap for over 5 years
- Discounts to asking prices for agreed sales are 6.1% in London and the South East (£25,000) and 4.8% (or £11,000) for rest of UK
(Watch/Listen) https://www.fifeproperties.co.uk/blog/zoopla-uk-house-price-index-november-2023/
Watch out for the Wealth Creation Show on Mondays @ 12.30pm live on these channels:
EP 100: The Wealth Creation Show: The 6 Key Regrets of People on Their Deathbeds!
Many people at the end of their life express regrets of how certain aspects of their lives have played out.
Some people long to have expressed how they truly feel for other people or certain things, or some have regrets from shying away from their true dreams and desires.
This is sometimes due to a lack of confidence or fear but maybe it is simply just they ran out of time!
Do you want to live your best life, make the best of the time you have and have no regrets?
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-the-6-key-regrets-of-people-on-their-deathbeds/
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 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.
FP TV (EP 171) GOING NOWHERE: Is your asking price or estate agent holding up your sale? (Watch/Read/Listen)
If your home has been on the market for a while, something probably needs to change to get your move underway.
The latest government figures show the market performing at about 80% of last year, with transactions in September 2023 around 18% down from September 2022.
So, given that buyers are still buying, why are so many homes not selling? Are the owners getting in their own way of moving, or could they be receiving the wrong advice?
FIFE PROPERTY MARKET: Which homes are selling the best? (Watch/Read/Listen)
Inflation, interest rates, house prices down, house prices up … the newspapers are full of column inches on Brit’s second favourite topic – the property market (the first being the weather obviously!).
Those of you that read my articles on the Fife property market know I like to look further afield to compare the Fife market with the regional and national markets. The one thing that is immediately apparent is that the UK does not have one property market.
Continue reading FIFE PROPERTY MARKET: Which homes are selling the best? (Watch/Read/Listen)
Zoopla UK House Price Index – NOVEMBER 2023 (Watch/Read/Listen)
PODCAST: https://podcasters.spotify.com/pod/show/fife-properties/episodes/Zoopla-UK-House-Price-Index–NOVEMBER-2023-e2chksf
Executive summary
- UK house price inflation slows to -1.2%, down from 8.2% a year ago
- Price falls extend across country, but declines remain modest
- No acceleration of price falls in markets with highest values
- Greater realism on pricing supporting new sales volumes which are 15% higher than a year ago and 5% up on 2019 levels
- Homes for sale touches a 6-year high boosting choice and reenforcing the buyer’s market and downward pressure on prices
- Sellers accepting 5.5% off the asking price to agree sales, an average discount of £18,000 – the largest gap for over 5 years
- Discounts to asking prices for agreed sales are 6.1% in London and the South East (£25,000) and 4.8% (or £11,000) for rest of UK
FIFE PROPERTY MARKET UPDATE – 19th – 25th Nov 2023 (Watch/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:
FPTV EP 170: SINGLE LET OR HMO?
Could your profits jump 50% with multi-occupancy lettings?
If you’re looking for ways to boost your buy-to-let profits, converting your rental home to a House in Multiple Occupation (HMO for short) could be the answer.
HMOs have exploded in popularity as an option for landlords to increase their income by letting out a property as individual rooms, rather than as a single home. Lettings Director Richard Cook along with Letting Agent Kerin Marshall discuss this topic.
(Watch/read/listen) https://www.fifeproperties.co.uk/blog/fptv-ep-170-single-let-or-hmo-could-your-profits-jump-50-with-multi-occupancy-lettings/
THE FUTURE OF FIFE HOUSE PRICES
Discover the future short and medium-term trajectory of Fife’s property market in our latest insightful article. Uncover how recent trends and economic factors are shaping the local Fife housing landscape, offering valuable predictions for homeowners and landlords. Stay ahead of the curve and make informed decisions for your property investments in Fife.
Richard Cook and Perrie McIntosh guide us through the figures and provide their thoughts on the Fife property market.
(Watch/Read/Listen) https://www.fifeproperties.co.uk/blog/the-future-of-fife-house-prices/
Watch out for the Wealth Creation Show on Mondays @ 12.30pm live on these channels:
EP 99: The Wealth Creation Show: 5 Tips for Planning a Better Financial Future
Following Jim’s return from Necker Island we will catch up on the remainder of his trip and what he has taken away from the experience.
Those of you following the journey will surely be wondering how you too can be in that position, and it is all about planning your financial future.
Our wealth and financial situation impact many aspects of our lives. Effective financial planning enables us to do what we want to do in life and gives us long-term control and more time back!
Are you interested in tips on how to plan for a better financial future?
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-5-tips-for-planning-a-better-financial-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
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.
