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 168: LANDLORD MISTAKES: Five major buy-to-let bloopers and how to avoid them
Making mistakes is a part of life: many can be laughed off, but others are more serious. And for landlords, there can be legal and financial consequences for getting things wrong.
When we’re asked to take over a rental home by someone who’s been managing it themselves, they’re often feeling a bit overloaded or disillusioned with being a landlord.
Lettings Director Richard Cook along with Letting Agent Kerin Marshall provide insight on this subject.
1 in 8.5 Fife Homes are in the Private Rented Sector: The Resilient Growth of Fife’s Private Rented Sector with a Decade of Opportunities Amid Challenges
As Fife strides into the future, the burgeoning private rented sector has continued to house many of its residents.
Jim Parker and Richard Cook discuss this topic in full and provide their thoughts on the statistics.
Watch out for the Wealth Creation Show on Mondays @ 12.30pm live on these channels:
EP 97: The Wealth Creation Show: LIVE From Miami
Tune in to our interactive discussion with Jim Parker LIVE from Miami USA!
On the first leg of Jim’s journey to reach Necker Island we catch up with him to discuss his path to financial freedom and how he finds himself on this adventure.
There are of course a lot of highs and lows along the way, but have you ever wondered how could you have it all?
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
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.
As Fife strides into the future, the burgeoning private rented sector has continued to house many of its residents.
The decade-spanning 2011 to 2021 saw a significant surge in the private rented sector, a testament to the enduring appeal and viability of the Fife property market. This growth has unfolded amidst a backdrop of housing challenges, underscoring the pivotal role of private landlords in bridging the housing gap.
In 2011, 9.8% of homes in Fife were in the private rented sector, and in 2021 it had risen to 11.7%
That means 1 in 8.5 Fife homes are in the private rented sector.
A glance at the housing trajectory reveals a stark reality: the public sector, notably local councils, has been markedly lagging in meeting the housing demand. Over the last two decades, the UK has witnessed a notable shortfall in council house construction (an average of 1,630 for the whole UK per year (that’s not a typo!)), compared to 144,910 per year in the private sector.
That is particularly interesting when we look at the averages for the 1950s, 60s and 70s when, on average, 160,570 council houses were built per year compared to 147,960 private sector homes per year.
The shortfall in council housing has inadvertently propelled the private rented sector to the forefront, making it an indispensable player in Fife’s housing market.
This growth has been a beacon of hope for many; for Fife landlords, it’s a realm of investment with promising returns, while for Fife tenants, it avails the crucial roof over their heads in a market where buying a home remains a distant dream for many.
Landlords have found a fertile ground in Fife to nurture their investment portfolios. The area has demonstrated resilience. Although some landlords have chosen to exit the market recently, the demand for rental properties remained robust. The persistent demand underscores the inherent value proposition that Fife holds for both seasoned and aspiring landlords.
However, the blossoming of the Fife private rented sector has its shades of concern.
For tenants, the dream of homeownership is further away as Fife house prices have continued to soar over the last few years (although they have eased recently), making the rental market the only viable option for many.
It doesn’t help Fife tenants that rents in Fife have risen by 63% since 2016.
Although renting offers flexibility and fewer responsibilities compared to homeownership, the desire for a place to call one’s own is a sentiment that resonates deeply among many Fife tenants.
Amidst the unfolding narrative, we are conscientious letting agents deeply attuned to the market dynamics and the needs of both landlords and tenants. Our expertise in the Fife property market has enabled us to cultivate a harmonious landlord-tenant ecosystem that is not only financially rewarding for landlords but also empathetic to the housing needs of tenants.
The comparative analysis, enriched by statistics, paints a favourable picture of Fife’s private rented sector growth, making it a compelling choice for existing and potential landlords.
The journey of a landlord is one laden with both promise and challenges. The landscape of buy-to-let investments is ever-evolving, and navigating it requires a blend of market insight, foresight, and a trusted partner who understands the local terrain.
As we look ahead, the horizons are promising for those keen on exploring the opportunities nestled within Fife’s private rented sector.
We invite existing landlords and those nurturing the idea of delving into the Fife rental market to engage with us. Our doors are always open for insightful discussions about making informed investment decisions in a market ripe with potential.
The narrative of the past decade is a telling compass of the potential returns ahead. Being a landlord is a long-term commitment and should not be influenced by short-term market fluctuations. For many landlords, the initial investment is not only about quick returns but also about long-term benefits, such as property appreciation and consistent rental income. Even with rising mortgage rates, the increasing rental demand suggests rents could surge by around 20% to 25% in the coming four or five years, a potential benefit for landlords.
Moreover, long-term appreciation can offer significant returns when it comes to selling properties, especially considering the leveraged nature of property investments. Even in challenging times, holding onto properties aligns with the foundational reasons many entered the buy-to-let market. Fife landlords play a crucial societal role, filling the gap left by insufficient social/council housing.
In essence, while entering the Fife buy-to-let market might be daunting now, those already invested should think carefully before exiting.
In Fife, the private rented sector is more than just a market; it’s a community where every landlord’s investment catalyses the broader social good, and every tenant’s satisfaction is a badge of honour we wear with pride.
Your journey in the Fife rental market is not just a business venture; it’s a voyage of impact, and we are here to ensure it’s rewarding.
