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?
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.
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.
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 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.
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.
In the ever-changing landscape of the Fife property market, predicting future house price trends can be akin to navigating a labyrinth. The past two years have witnessed unprecedented upheaval, primarily due to fluctuating interest rates that significantly impacted household finances, reminiscent of the challenges not faced since 2008.
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 169) STUCK IN NEUTRAL? Does your home need to be beige to sell for the best price?
“Whatever you have in your rooms, think first of the walls” – wise words indeed from pattern and textile god William Morris (and nobody could call his designs neutral).
Richard Cook and Perrie McIntosh provide hints and tips to help you achieve the best price for your property.
THE FIFE PROPERTY MARKET: The importance of realistic pricing (if you want to sell)
As the Fife property market evolves, the key to unlocking a successful sale lies not just in the bricks and mortar but in the strategy behind the sale. It’s a tale of contrasting realities: more Fife homes on the market bring greater choices for buyers yet present a challenge for sellers aiming to stand out. Fife’s property market is a unique microcosm of supply and demand.
Richard Cook and Perrie McIntosh dive into the full article to explore and discuss the shifts, strategies, and successes in Fife’s dynamic property sphere.
UK House Price Index Scotland and Fife: September 2023
Perrie McIntosh provides a breakdown of the Scottish House Price Index report for September 2023 and gives her thoughts on how this could impact the Fife property market for buyers and sellers.
Watch out for the Wealth Creation Show on Mondays @ 12.30pm live on these channels:
EP 98: The Wealth Creation Show: LIVE From Necker Island
Following on from last week’s episode we will be joining Jim Parker LIVE from Necker Island!
For those of you who don’t know Necker Island belongs to billionaire Richard Branson and is the next part of Jim’s adventure.
We will be catching up with him on location and continue our discussion on Jim’s journey, that has let him to where he is today.
If you have you ever wondered, how could I have it all? Tune in for a live interactive discussion on how to achieve success.
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.
Embarking on the journey of homeownership is often seen as a rite of passage, but in Fife, like many other places, young buyers may find it challenging without some assistance.
Enter the Bank of Mum & Dad, a pivotal driver in Fife’s property market.
The term ‘Bank of Mum and Dad’ encapsulates the essence of parents contributing financially to their offspring’s pursuit of property ownership.
This concept has seen a surge in Fife and beyond, as the “Bank of Mum and Dad” (BoMaD) continues to play a significant role in assisting younger (and sometimes middle aged) individuals, particularly in the property market.
In 2023, the average BoMaD gift or loan exceeded £25,000, with over half of under-35s who recently purchased a home receiving financial help from their families. The total value of BoMaD gifts amounted to £8.1 billion in 2022, facilitating 318,400 house purchases according to Legal & General.
Yet not every parent in Fife can afford to generously gift a deposit. Here, we explore varied avenues parents can explore to extend a helping hand in their child’s homeownership quest in Fife.
Gifting a Deposit: An outright gift can bolster a child’s deposit, enhancing their mortgage options. Formal declarations ensure compliance with anti-money laundering norms and clarify ownership stakes. Yet there are Inheritance Tax Implications. While no tax is levied on the gift initially, it could attract inheritance tax if the donor passes away within seven years of gifting, with tax rates tapering over time.
Parental Loans: For parents unable to gift, extending a loan is a viable alternative. Formal loan agreements can specify terms, interest rates, and contingencies.
Equity as Security: Parents can leverage their property’s equity as collateral for their child’s mortgage, although this comes with its own risks.
Family Offset Mortgages: Utilising savings to offset mortgage costs, this arrangement can be beneficial yet complex.
Guarantor Role: Parents can vouch for mortgage payments, stepping in if the child falters.
Joint Purchase: Acquiring property as co-owners combines resources but may incur additional taxes.
Fife’s property landscape is rich and diverse, making it an ideal locale for first-time buyers.
For Fife homeowners pondering how to assist their children in this journey, rest assured that guidance is just a call away. Feel free to reach out to us with any queries you might have.
The recent drop in UK inflation to 4.6% from 6.7% in September has several implications for the Fife property market:
Mortgage Rates and Housing Market Sentiment: The drop in inflation is expected to influence the Bank of England’s decisions regarding interest rates. With inflation falling more than expected and core inflation also reducing, there’s a growing belief that the Bank of England might keep rates on hold, as evidenced by the recent pause in rate hikes. This expectation is affecting the UK property market, with two-year fixed mortgage rates already dipping below 5% for the first time in five months, and major mortgage lenders like Halifax and HSBC joining the trend. This reduction in mortgage rates is likely to boost home buying affordability and should lead to increased activity in the housing market.
Investor Sentiment and Housebuilders’ Stocks: The lower inflation rate has been positively received by investors, leading to a rise in the stock prices of UK housebuilders like Barratt Developments, Taylor Wimpey, and Berkeley Group. This uptick is another indicator of a more optimistic outlook for the property sector.
Challenges and Uncertainties: Despite the decrease in inflation, the UK economy faces stagnation and a risk of recession, which could influence consumer confidence and spending, including in the property market. Additionally, while the news of declining inflation is positive, it’s essential to note that prices are still rising at a rate over double the government’s target. This scenario, coupled with the fact that arrears continue to increase, suggests that the housing market still faces challenges and uncertainties.
Future Rate Cuts Possibility: Investors are increasingly betting on Bank of England rate cuts next year, with expectations of three 0.25% reductions in the Bank Rate by December 2024 with the first cut by June 2024. If these base rate cuts materialise, they could further improve mortgage affordability and stimulate the property market.
Government Policy and Fiscal Measures: The government’s approach to fiscal policy, especially in the upcoming budget, could significantly impact the property market. If the Chancellor introduces measures that support the housing market, it could positively influence home ownership and property investments.
In summary, the drop in UK inflation is likely to bring some added relief to the Fife property market, particularly through lower mortgage rates and improved investor sentiment.
However, economic uncertainties, including the risk of recession and the ongoing challenges in the wider economy, suggest a cautious approach to predicting the future of the UK (and Fife) property market.
“Whatever you have in your rooms, think first of the walls” – wise words indeed from pattern and textile god William Morris (and nobody could call his designs neutral).
However, if you read any lifestyle articles on selling your home, you’ll soon be told that buyers can’t see past colour, and you need to avoid it if you want to ignite their passion.
Now, we love muted Scandi interiors as much as anyone else, but does your home really need to resemble a hip Danish coffee shop to get the highest price?
No, it doesn’t, and plenty of colourful homes sell fast and for good money, but there are some tricks to using colour for that perfect balance of self-expression and saleable style.
With that in mind, let’s dive into the world of palettes and Pantone numbers by looking at:
The art of working with colour.
Where and when to keep things neutral.
Accessorising with colour.
Adding colour to kitchens and bathrooms.
Ideas for wallpaper and paint.
So whether it’s a total makeover, a feature wall or a casual sprinkling of colour, this week’s blog has all you need to add your stamp and boost your home’s value at the same time.
THE ART OF WORKING WITH COLOUR
It can be tricky to strike the correct balance of colours and tones – warm, cool, moody, bright – but fortunately, there’s a simple tool to help you get it right every time.
The colour wheel was invented in 1666 by none other than Sir Isaac Newton while studying light and prisms, when he discovered the spectrum of colour – little did he know where it would lead.
A colour wheel costs less than £10 and shows you how primary, secondary and tertiary colours sit side by side and how they relate to each other.
As a guide, ‘analogous’ colours blend to create an immediate sense of harmony, while ‘complementary’ schemes push individual colours to the fore with high contrast.
An interior designer’s trick is to take your favourite shade, or pick out colours from a pattern you love, then use a colour wheel to build a perfect look.
While there’s certainly a knack to using a colour wheel, there are books and YouTube tutorials to help you become a mix-and-matching wiz (not to mention a go-to interior guru for your friends).
WHERE AND WHERE TO STAY NEUTRAL
While a classic camel coat and crisp white shirt underpin many a wardrobe, keeping it neutral in certain areas at home gives your decor the leading role without being upstaged, including:
Timber floors like oak and walnut in living areas; sisal or coir matting for high-traffic hallways and stairs; deep pile or Berber carpets for chic and cosy in bedrooms.
Tiles in natural finishes for floors, walls and splashbacks like stone, marble, cement grey and classic hand-glazed white.
Kitchen worktops in natural wood, granite, resin, marble or reconstituted stone for durability, timeless style, and universal appeal.
Taps in brushed metal are more hardwearing than lacquered finishes and less prone to nicks and changes in colour trends.
Power sockets and switches in either standard white or brushed metal, or painting radiators to match your walls or woodwork so they blend into the background.
If you look at the world of fashion, neutrals form the bedrock of countless colourful looks by complementing whatever they’re paired with, and the same is true for interior design.
ACCESSORISING WITH COLOUR
If you want to avoid the upheaval of major decorating works but still transform the look and colour of your rooms, accessorising is the answer to creating your dream theme.
Textiles can add colour and design to any room, from curtains and cushions to rugs, throws and bedding, or new upholstery on furniture.
Art is a fast and fun way to express your taste, from original paintings to stylish prints and even your own photos, with frames adding an extra style, from trad to rad.
Ceramics, glassware, books, maps, lamps and candlesticks are all quick and easy ways to add colour to any corner or surface.
Bonus point: as well as transforming your rooms, photos and viewings, accessories are entirely portable, meaning your investment can move with you whenever you sell.
ADDING COLOUR TO KITCHENS AND BATHROOMS
The rooms with the highest concentration of value in any home are the kitchen and bathrooms, which are also the costliest areas to replace.
So, if you want to do more than paint the walls, try these tips for using colour in a way that adds value and inspires buyers while giving them options for easy and inexpensive change.
Kitchen cupboard and drawer fronts are interchangeable, and consistently popular colours include navy, sapphire, teal, sage, racing green, anthracite, charcoal and black.
Painting the outside of a freestanding metal bath will give you an immediate shot of colour that’s striking, memorable and simple to switch.
Splashbacks in coloured glass are a sleek way to add a blast of colour behind sinks and hobs that can be swapped for another colour far easier and quicker than tiles.
Ultimately, it’s about thinking of the most flexible areas for change that would give the effect of a complete remodel without the disruption, mess and financial outlay.
IDEAS FOR WALLPAPER AND PAINT
Paint is a quick, cheap and effective way to change the entire personality of a room, and a fresh coat can give a new lease of life to any home, especially with a high-quality product.
Some brilliant premium British brands include the chalk paints of Annie Stone, the deep pigments of Fenwick & Tilbrook, and the reassuring heritage of Farrow & Ball.
As well as painting an entire room, you can achieve a dramatic effect with a single wall in a bold colour – over a fireplace, behind shelves, or as the backdrop to a picture gallery.
Aside from on your walls, you can use paint to refresh furnishings like chairs, tables, wardrobes and chests of drawers, or accessories like picture frames and mirrors.
Of course, paint isn’t the only home decor solution, and wallpaper can deliver equally eye-catching results for a feature wall, a glamorous loo, or even upcycling furniture.
What’s your next step?
If you’d like to know what features and design buyers will pay the highest price for in Fife, we’re here to help.
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.