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.
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 127) WIN OVER THE MARKET: Five reasons why you’re better off selling your Fife home when prices cool
How do you feel about the property market right now?
It’s peak prediction season in the press, with daily claims from experts that house prices are about to fall off a cliff, stagnate or even slowly rise. We know that most of these predictions will be wrong, but which ones?
Fife Baby Boomers and their 22,088 Spare ‘Spare’ Bedrooms
Whilst we are around 12 months away from receiving the results of the Scottish 2022 Census, south of the border – as their census was in 2021 – the results are starting to come out.
One interesting statistic is the growth of number of spare bedrooms and spare ‘spare’ bedrooms between the 2011 and 2021 Census.
Britain has over 8 million households with 2 or more spare bedrooms, most owned by Baby Boomers. Should the Government force them out or should the Government mind their own business?
Watch out for the Wealth Creation Show on Monday @ 12.30pm live on these channels:
EP56 THE WEALTH CREATION SHOW: Diary of a Property Investor Part 11
How I lost my first million and the lessons learned. You don’t often get to know how someone failed but when you do you can often learn more from this than their success.
In this episode Jim Parker and Richard Cook are going to talk about the steps that led to Jim losing a million and the lessons learned.
This is the warts and all, laid bare story of Jim’s journey retiring at 38 years old financially free and almost losing it all. We’ll be covering several issues on mental health, depression, addictive personality and suicide which for many might be disturbing and upsetting. If you need help in any way, please free phone The Samaritans on 116 123 or visit https://www.samaritans.org/?nation=scotland
Jim says, “It’s amazing that you’re judged a success by what people see, when they have no idea what is happening deep down within that person. If the next chapter in my story helps one person, it will have all been worth it”.
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.
Whilst we are around 12 months away from receiving the results of the Scottish 2022 Census, south of the border – as their census was in 2021 – the results are starting to come out.
One interesting statistic is the growth of number of spare bedrooms and spare ‘spare’ bedrooms between the 2011 and 2021 Census.
I therefore wanted to apply that average south of the border growth in those types of bedrooms to the results from 2011 in Fife. Of course, I am making certain assumptions – yet what I am seeing in the local property market, I don’t think they are too far off the mark.
Moving home is said to be the third most stressful thing you can do, so if you can do anything to reduce that stress, so much the better? When buying your next Fife home, being chain-free can certainly reduce your stress and offers many advantages over other buyers (and some disadvantages). Continue reading Around 1 in 15 Fife Properties Being Sold with No Chain (Watch/read/listen)
