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.
As a Fife estate agent, I have witnessed first-hand how the Fife property market operates and the various factors that influence property sales.
One intriguing aspect is the difference in saleability across different price ranges.
In this article, we will delve into the dynamics of selling properties in relation to their price ranges and explore the factors contributing to varying sale rates.
Price Range and Saleability
Fife properties are often categorised into distinct price ranges, such as entry-level, mid-range, and upper-quartile luxury.
Each segment attracts different buyers with varying purchasing power, preferences, and investment goals.
These factors play a crucial role in determining the saleability of properties within each price range.
In the ever-changing world of Fife property, the terms ‘buyers’ market’ and ‘sellers’ market’ are phrases bandied about.
These property market conditions can significantly impact your ability to buy or sell a Fife property, regardless of which side of the fence you find yourself on.
As a Fife estate agent, I will provide you with a detailed analysis of the Fife property market to find out if we are in a buyers’ or sellers’ market and offer valuable tips to navigate through them successfully.
Additionally, I will shed light on a lesser-known market condition called a ‘balanced market’. So, let’s delve into the nuances of these markets and equip you with the knowledge to make informed decisions on buying and selling in Fife.
What is a Fife Buyers’ Market?
A ‘buyers’ market’ occurs when the number of Fife homes available for sale exceeds the number of potential buyers. In this scenario, buyers hold the advantage, as they have more choices and can take their time to make decisions. They may even negotiate with sellers to secure more favourable prices. This is an ideal market for Fife buyers as attractive deals are plentiful, while sellers face the challenge of standing out in a sea of properties for sale.
Today’s increase in Bank of England rates has sent ripples of concern among Fife homeowners, particularly those with impending remortgages or seeking new deals.
The decision by the Bank to raise rates by 0.5% has sparked discussions about the potential consequences and the steps Fife homeowners should consider taking.
For some, the immediate impact will be felt in their monthly budgets.
Fife homeowners on typical tracker mortgages can expect an average increase of £47 per month, while those on standard variable rate mortgages may face a £30 jump.
However, it is worth noting that approximately 4 out of 5 mortgage customers hold fixed-rate mortgages, providing a temporary shield against immediate payment adjustments.
The Fife housing market is relativity buoyant, thanks to an unexpected group of people – Fife first-time buyers.
Many Fife tenants are annoyed with competing for Fife rental properties at high rents. Therefore, over the last 12 months, many renters have been stretching their finances to get on the Fife housing ladder, despite sky-high mortgage rates.
Using data from the Office of National Statistics, Land Registry and the Bank of England…
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: 140 CHOOSING A LETTING AGENT: Five signs of excellence to pick the best one for you
Having a letting agent who fills you with confidence is an essential part of being a landlord, whether you’re an old hand or just starting out. But how do you choose who to work with when you’ve got no idea what an agent is really like until you’ve given them your keys? Well, there are some tell-tale signs that make it easy to spot the best letting agents.
FIFE HOMEOWNERS – Worried About the Fife Property Market?
The latest quarterly data for the Fife property market might surprise you!
Jim Parker and guests take a look at the data and give their thoughts on what has happened in the last quarter and what the next quarter might be like.
Watch out for the Wealth Creation Show on Mondays @ 12.30pm live on these channels:
EP 69 THE WEALTH CREATION SHOW: Can Money Buy You Happiness?
We already know that people in a comfortable standard of living are generally happier than those that are living in poverty. So, is it true that money doesn’t buy happiness?
We’ve all heard the saying “money doesn’t buy happiness”, but what does that actually mean? People often think that if they have all the money to buy the things they want, take their dream vacation, and live in their dream home that they’ll finally be happy.
Do you think you need money to be happy? Or do you think we can live in the world of today and be perfectly happy without an abundance of money?
Luckily, you don’t need to head back to school to understand this as Richard Cook and one of the UK’s most successful property investors, Jim Parker is on hand to discuss the benefits that money can have on your life, happiness and your future.
If you are a private client of ours, including the ongoing support you will also receive an invite for the last Thursday of every month to a private zoom session which will be a deep dive into more detail on portfolio building. If you haven’t received your invite, 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.
In my articles on the Fife property market, I like to provide an insight into the real story of what is happening in our local (and national) property market and address the misconceptions that some of the media have been spreading.
Despite almost daily reports of a housing market crash since September 2022, the data shows that the UK (and Fife) property market is gingerly doing OK.
So, let’s dive into the stats and start with the life blood of the housing market – new properties coming on to the market.
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 138 FIND THE GAP: How to create the buy-to-let niche that’s perfect for you
Buy-to-let is undergoing a massive transformation right now. Poor-quality homes are getting squeezed out by tightening legislation, and short-term profiteering has fallen away through changing tax laws. As a result, many landlords have sold up. But if you’re in it for the long term, buy-to-let can still be a highly profitable route to financial security, particularly if you can serve an overlooked segment of the local rental market.
FIFE PROPERTY MARKET: Is now a good time to buy, or should people wait?
Find out if the current economic climate makes it the right time for Fife home buyers to purchase property in the area.
Jim Parker and Perrie McIntosh provide a full and frank discussion about the current Fife Property Market to help guide buyers and sellers decide whether to buy now or not.
Watch out for the Wealth Creation Show on Mondays @ 12.30pm live on these channels:
EP67 THE WEALTH CREATION SHOW: What is The True Meaning of Wealth
One of the greatest driving forces in the world is the desire for wealth.
True wealth may mean seeking deeper relationships, more personal growth or ways to create more meaning in life. Achieving true wealth may mean possessing the ability to enjoy the small, ordinary pleasures of life.
The terms money and wealth may appear to mean the same thing. But while many people emphasise the importance of having an abundance of money, few understand the meaning of true wealth.
What does achieving wealth mean to you and does wealth and money hold a different meaning?
Luckily, you don’t need to head back to school to understand this as Richard Cook and one of the UK’s most successful property investors, Jim Parker is on hand to discuss the true meaning of wealth, the differences between wealth and money as well as insights into wealth creation.
If you are a private client of ours, including the ongoing support you will also receive an invite for the last Thursday of every month to a private zoom session which will be a deep dive into more detail on portfolio building. If you haven’t received your invite, 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.
As we go into the second quarter of 2023, there is significant uncertainty in the UK economy, leading to uncertainty in the property market.
The number one issue is the fight against inflation and the cost-of-living crisis. The Bank of England is working hard to decrease inflation, and hopefully, in summer, we should see British inflation coming down. From that, we should expect interest rates to come down later in the year (and that is what the money markets believe with the 5-year swap rates).
FP TV EP 136 RENTING TO SHARERS: How to Prepare Your Property and Get The Legals Right
Demand for rental homes rose by around 25% in 2022, and competition among tenants is hotter than ever as potential buyers wait and see what house prices will do. As rents continue to rise from a shortage of property, more and more young professional adults are looking to share a rental home in Fife to save on costs without living in a tiny space.
