Fife Sellers Market Archives - Fife Properties
Fife Properties

FIFE PROPERTY MARKET UPDATE –4th – 10th Feb 2024

 

 

PODCAST: https://podcasters.spotify.com/pod/show/fife-properties/episodes/FIFE-PROPERTY-MARKET-UPDATE-4th–10th-Feb-2024-e2fldkq

 

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 181) A NEW LOOK FOR 2024: Discover the year’s first major trends for home interiors

 Style and comfort are the perfect combination for every home – not just for quality moments, but also for adding value when you want to move.

Jim Parker and Richard Cook take a look at what is trending with home interiors for 2024 and provide hints and tips for sellers in Fife.

(Watch/Read/Listen) https://www.fifeproperties.co.uk/blog/a-new-look-for-2024-discover-the-years-first-major-trends-for-home-interiors/

 

 

 

Zoopla UK House Price Index – JANUARY 2024

Executive summary

  • UK house price inflation moderates to -0.8% on rising sales volumes
  • Strong seasonal rebound in sales activity in first weeks of January on back of pent-up demand and sub-5% mortgage rates
  • Demand up 12% year-on-year, led by London and East of England
  • Sales agreed up 13% year on year – sales up across all regions
  • Available homes for sale over 20% higher than a year ago
  • Important not to over-interpret the positive start to the year – there is some upside for sales
  • volumes, but we remain in a buyers’ market
  • A fifth of sellers having to accept more than 10% below the asking price to secure a sale, closer to 1 in 4 across southern England

(Watch/Listen) https://www.fifeproperties.co.uk/blog/zoopla-uk-house-price-index-january-2024/

 

 

 

FIFE PROPERTY MARKET: Is it a Buyers’ or Sellers’ Market?

With mortgage costs tumbling and sales on the rise, it’s a pivotal time for both buyers and sellers. But where does Fife stand in this changing landscape? Is it a buyers’ haven or a sellers’ market? For a deep dive into Fife’s property dynamics and what it means for your home-selling or buying journey, click on the link to read the full article and gain invaluable insights tailored just for Fife.

Jim Parker provides guidance for buyers and sellers in Fife as he discusses this article.

(Watch/Read/Listen) https://www.fifeproperties.co.uk/blog/fife-property-market-is-a-buyers-or-sellers-market/

 

 

 

EP 109: The Wealth Creation Show: Money, Wealth Creation and Property Investment

In today’s dynamic world, the pursuit of financial stability and wealth creation has become a common aspiration.

One avenue that has consistently proven to be lucrative is property investment, encompassing both rental income and capital appreciation.

For individuals seeking financial independence it is important to understand the intertwining concepts of money, wealth creation, and property investment.

Would you like to understand the significance of these elements in building a successful investment portfolio

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-money-wealth-creation-and-property-investment/

 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 2024.

*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.

 

FIFE PROPERTY MARKET: Is it a Buyers’ or Sellers’ Market? (Watch/Read/Listen)

 

 

PODCAST: https://podcasters.spotify.com/pod/show/fife-properties/episodes/FIFE-PROPERTY-MARKET-Is-a-Buyers-or-Sellers-Market-e2fg3o6

 

House Sales Up 14.8% on 2023 as Mortgage Rates Fall Yet is it a sellers’ market in Fife?

 

The number of agreed UK property sales until the last Sunday of January (28th) is 8.35% higher than a year ago. Tumbling mortgage costs have encouraged buyers and sellers to return to the property market.

 

There is a more buoyant picture for the UK property market in the first four weeks of January 2024 compared with the same first four weeks in 2023.

 

Every UK region has seen an increase in the number of properties selling (subject to contract) in January 24 vs January 23; the most significant rise was found in Inner London, which was up 25.14% year-on-year, followed by the South East, at 20.02%, the South West at 16.18%. Most other regions (West Midlands, Outer London, North West, Yorkshire, Ulster, East Anglia, Wales, East Midlands & North East) increased by between 12% and 15%. The smallest rise was in Scotland at 4.45%.

 

As well as increased property sales, the supply of UK properties on the market is 13.95% higher than a year ago

 

(592,574 for sale in January 2024 versus 519,987 for sale in January 2023)

 

According to Zoopla, London experienced the most significant rise in potential buyer interest, with a 21% uptick in new buyer inquiries in the capital during the initial three weeks of January compared to last year. This surge was the highest recorded across all UK regions, significantly surpassing the national average increase of 12%.

 

Net sales (sales agreed less sale fall throughs) paint an even better picture, with a rise of 14.8%

 

(55,459 net UK home sales to January 28th 2024, compared to 48,325 net

UK home sales to January 28th 2023)

 

Growing optimism is evident among prospective buyers and sellers as mortgage interest rates, which saw a significant rise in 2023, have started to fall in the last month or so. By the end of December, inflation had fallen to 4%, down sharply from a peak of 11.1% in October 2022 and considerably lower than the Bank of England’s anticipated 4.6%. Additionally, the average mortgage rates have dipped to their lowest point since early June, with some banks & building societies reducing mortgage rates to below 4% (for those with large deposits). Even with this upswing in property market activities, price levels are likely to remain stable, and the market will continue to favour buyers due to ongoing mortgage affordability issues and the still relatively high-interest rates.

 

The reduction in mortgage rates has undoubtedly rejuvenated buyer interest and transactions, particularly after a slowdown in the latter half of 2023, when many prospective movers paused their plans. This resurgence is expected to help increase the number of properties sold, which, at one million, were at an 11-year low in 2023.

 

However, I can not see this trend leading to a significant increase in house prices in 2024 since the market remains finely balanced with a medium-term drift towards a slightly weaker sellers’ market for Q2/Q3 in 2024 (compared to 2021, when it was an extreme sellers’ market). Sellers eager to move in 2024 might find encouragement in these initial signs of increased activity. Still, the buyer’s focus on value means that any undue optimism on the part of sellers could hold back the current property market recovery.

 

There are also warnings that the uncertainties often associated with a general election year inhibit the property market, as buyers and sellers become more cautious in their decisions in the lead up to voting at the polls.

 

This is the time to be realistic with your pricing if you’re going to put your Fife home on the market

 

So, what sort of market are we in?

 

The measurement of whether it’s a buyers’, balanced, or sellers’ market is based on the proportion of properties marked as “Sold STCM” and “Under Offer” compared with the total number of properties on the market, e.g. if there are 45 properties sold stcm and 100 properties available/for sale, then 45 as a percentage of 100 is 45%.

 

This isn’t just a numbers game; it’s a gauge of market sentiment:

 

  • Extreme Buyers’ Market (0%-20%)
  • Buyers’ Market (21%-29%)
  • Balanced Market (30%-40%)
  • Sellers’ Market (41%-49%)
  • Hot Sellers’ Market (50%-59%)
  • Extreme Sellers’ Market (60%+)

 

The weight of these brackets can’t be overstated. They directly impact everything from listing prices to negotiation leverage.

 

Current Fife Property Market Snapshot

 

To calculate where Fife’s property market stands now, let’s incorporate our most recent findings for January 2024. The numbers and statistics have been taken from the website ‘The Advisory’, which has calculated the market state stats for many years. I am sharing them from the summer of 2018 to January 2024.

 

What are the Statistics for the Fife Area Since 2018?

 

Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Dec-22 Mar-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Jan- 24
54% 51% 48% 83% 78% 68% 58% 59% 60% 61% 59% 58% 56%

 

Looking at the stats it was quite clearly an extreme sellers’ market in the summer of 2021 at 83%. In 2023, the Fife property market changed, and it was hovering in the high 50%, a hot sellers’ market (albeit a weaker sellers’ market than the summer of 2021). In January 2024, it is drifting downwards towards sellers’ market territory.

 

 

 

Consequences and Thoughts for Fife’s Property Market

 

This new data prompts me to take stock and ponder.

 

For Fife home sellers: We are transitioning into a market where sellers must be more strategic, flexible, and patient. It would help if you braced yourself to expect your home to be on the market for longer with an extended marketing period.

 

Realistic pricing is even more vital than ever.

 

In 2022, for 86.1% of Fife properties that came onto the market, the owner moved (i.e., exchanged and completed) instead of withdrawing off the market, unsold. In 2023, that figure had reduced to 80.6% (interesting, when compared with the national picture when it was 65.33% in 2022 and 52.86% in 2023).

 

For Fife home buyers: What are the challenges and opportunities? Some homes will still have bidding wars, yet you will have the luxury of choice and time with others.

 

External influences, from global economic trends, inflation and interest rate repercussions could all cast shadows on the Fife property market. The pre-election Budget will no doubt affect the property market as will everything going on ice in the three or four weeks up to the election itself.

 

Delving Deeper: Strategies and Tactics to Sell Your Fife Home

 

Given the property market’s temperature, here are more granular insights:

 

Sellers: As I’ve already mentioned, pricing is absolutely key to finding the right buyer. Also, the marketing to make your home stand out is vital – like video/virtual tours and specialised social media campaigns—could make a difference in a cooling market.

 

Buyers: Again, there is more than one market. The competition will heat up if you are looking for the type of property everyone wants. Having your mortgage pre-approval in place will give you an advantage over other buyers. Also, it is worth being open to widening your search radius to spot bargains others could miss. On the other hand, Fife home buyers can exert more power in negotiations in a less competitive market, from offer price to extras (e.g. carpets or fixtures and fittings). Don’t forget –

 

81% of sellers are also buyers. So, what you might lose from selling in a buyers’ market means you gain when buying

 

Final thoughts – as we enter the second month of 2024, the Fife property market offers both challenges and opportunities for Fife’s home buyers and sellers. Understanding the market nuances is vital if you are a Fife first-time buyer, an existing homeowner looking to move, a seasoned property buy-to-let investor, or someone looking to relocate.

 

Stay adaptable, stay informed and remember that, as always, your home-moving story is as much about the journey as the destination.

 

What are your thoughts on Fife’s evolving property scene? Do you anticipate any other trends or shifts in the Fife property market? What are your local insights and experiences?

 

 

FIFE PROPERTY MARKET UPDATE – 21st – 27th Jan 2024 (Watch/Listen)

 

 

PODCAST: https://podcasters.spotify.com/pod/show/fife-properties/episodes/FIFE-PROPERTY-MARKET-UPDATE–21st–27th-Jan-2024-e2f277k

 

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 179) RESET THE CLOCK: How to relaunch your home for new year selling success

 

The start of every year brings new energy to the property market, so if you had no luck selling your home in 2023, take comfort that hope is still on the horizon.

 

Jim Parker and Richard Cook provide useful hints and tips for those looking to sell this year and those who are feeling they are out of ideas to get their house sold.

 

(Watch/Read/Listen) https://www.fifeproperties.co.uk/blog/reset-the-clock-how-to-relaunch-your-home-for-new-year-selling-success/

 

 

Cracking the Code: Fife’s Property Market Revealed – Is it a Buyers’ Market or Sellers’ Market

 

Fife homeowners, get ready to unlock the mysteries of our local property market!

 

Whether you’re considering buying or selling in Fife, understanding whether it’s a buyers’ or sellers’ market is crucial. But wait, there’s more!

 

Join Jim Parker as he guides you through the fascinating realm of the lesser known ‘balanced market’.

 

(Watch/Listen/Read) https://www.fifeproperties.co.uk/blog/is-fife-a-buyers-or-sellers-property-market-a-comprehensive-guide-for-fife-homeowners/

 

 

 

THE UK PROPERTY MARKET IN 2024: A Robust Start with Implications for Fife

 

With an impressive 42.37% more UK home sales in the first couple of weeks of January, what are the four key drivers of this surge in the British property market? Also, is this growth in home sales being replicated in Fife? If you are a Fife homeowner or landlord and considering your property options in the next 12 to 18 months, read the article to find out how this will affect your buying and selling options.

 

(Watch/Read/Listen) https://www.fifeproperties.co.uk/blog/the-uk-property-market-in-2024-a-robust-start-with-implications-for-fife/

 

 

 

EP 107: The Wealth Creation Show: Breakthrough

To break through and achieve extraordinary success in 2024 you need to have an inspirational plan in place!

Remember, success is not an overnight phenomenon but a result of consistent and focused action. You need to have vision, focus on empowering beliefs and take action to learn and grow as you travel through your journey to success.

Do you want to know the key elements to an inspirational plan for 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’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 2024.

 

*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.

 

Is Fife a Buyers’ or Sellers’ Property Market? (Watch/Listen/Read)

 

PODCAST: https://podcasters.spotify.com/pod/show/fife-properties/episodes/Is-Fife-a-Buyers-or-Sellers-Property-Market-e2epk99

 

Is Fife a Buyers’ or Sellers’ Property Market? A Comprehensive Guide for Fife Homeowners

 

In the ever-changing world of Fife property, the terms ‘buyers’ market’ and ‘sellers’ market’ are phrases bandied about. Continue reading Is Fife a Buyers’ or Sellers’ Property Market? (Watch/Listen/Read)

FIFE PROPERTY MARKET UPDATE – 25th June – 1st JULY 2023 (Watch/Listen)

 

 

PODCAST: https://podcasters.spotify.com/pod/show/fife-properties/episodes/FIFE-PROPERTY-MARKET-UPDATE–25th-June–1st-JULY-2023-e26f90k

 

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:

 

SUMMER SELLING: Hot tips and style secrets for a speedy sale and top price

The sun’s out, the sky’s blue, summer’s here, so it’s time to view!

World-class poetry aside, with the sun shining bright and nature in bloom, the conditions are perfect for selling your home when it looks its best. Jim Parker and Perrie McIntosh discuss this topic and provide expert guidance, hints and tips to help you get the most out of your house sale.

(Watch/Read/Listen) https://www.fifeproperties.co.uk/blog/summer-selling-hot-tips-and-style-secrets-for-a-speedy-sale-and-top-price/

 

Continue reading FIFE PROPERTY MARKET UPDATE – 25th June – 1st JULY 2023 (Watch/Listen)

IS FIFE A BUYERS’ OR SELLERS’ PROPERTY MARKET? A Comprehensive Guide for Fife Homeowners (Watch/Read/Listen)

 

 

PODCAST: https://podcasters.spotify.com/pod/show/fife-properties/episodes/Cracking-the-Code-Fifes-Property-Market-Revealed–Is-it-a-Buyers-Market-or-Sellers-Market-e26c5sd

 

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.

 

Continue reading IS FIFE A BUYERS’ OR SELLERS’ PROPERTY MARKET? A Comprehensive Guide for Fife Homeowners (Watch/Read/Listen)

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