Housing Market Archives - Fife Properties
Fife Properties

Will the Fife Property Market Crash in 2021? …and the three reasons why it will not be the catastrophic scenario some are predicting (4 min read)

In the last few months, the Fife (and UK) property market has resisted and flouted every economist’s prediction. With the economy a shadow of its former self, unemployment set to hit 11.9%, the Government on track to borrow nearly half a trillion pounds to pay for Coronavirus support packages etc., all of this has Continue reading Will the Fife Property Market Crash in 2021? …and the three reasons why it will not be the catastrophic scenario some are predicting (4 min read)

The 2020 Review of the Fife Property Market (3 min read)

Looking back at the Fife property market for 2020, it can certainly be seen as a frenetic game of two halves, albeit with a very long half time in the spring. Between the General Election in mid-December and Christmas, many Fife agents saw an unusually higher uplift in activity in the property market just as we were Continue reading The 2020 Review of the Fife Property Market (3 min read)

STANDING APART: 5 Tips for Selling in a crowded market in Fife! (4 min read)

The revival of the Fife property market is an inescapable news story right now, with a surge of interest across the UK.

 

While it’s excellent news for sellers, the high demand from Fife buyers is more than mirrored by the increased supply of Fife property, making it more of a challenge for people to get their home noticed: whether you are about to put your Fife property up for sale, or if your home has been on the market for some time, one thing for sure is that you are certainly not alone. Continue reading STANDING APART: 5 Tips for Selling in a crowded market in Fife! (4 min read)

Fife Properties TV (Series 1 EP 5) Property Market Update for Sales, Lettings and the economy.

Hosts Jim Parker is joined by Letting Agent Richard Cook and Estate Agent Jimmy Mullen to discuss this week’s news in the Fife Property Market while answering questions live on their TV show every Saturday morning @ 9.30am.

Today’s agenda in case you would like to skip to the section required is:  Continue reading Fife Properties TV (Series 1 EP 5) Property Market Update for Sales, Lettings and the economy.

Fife’s ‘Generation Rent’ to Become ‘Generation Buy’? (3 min read)

Boris Johnson has attracted both praise and horror in equal measure with a new plan for 95% mortgages to help beleaguered first time buyers to get on the property ladder, but would that expose UK taxpayers to too much risk? In this article I discuss the implications of what that would mean both nationally and locally in Fife. Continue reading Fife’s ‘Generation Rent’ to Become ‘Generation Buy’? (3 min read)

Fife Properties TV (Series 1 EP 4) Property Market Update for Sales, Lettings and the economy.

Hosts Jim Parker is joined by Letting Agent Richard Cook and Estate Agent Jimmy Mullen to discuss this week’s news in the Fife Property Market while answering questions live on their TV show every Saturday morning @ 9.30am.

Today’s agenda in case you would like to skip to the section required is:  Continue reading Fife Properties TV (Series 1 EP 4) Property Market Update for Sales, Lettings and the economy.

Fife Properties TV (Series 1 EP 3) Property investment strategies and Local Property Market updates.

Hosts Jim Parker and Jimmy Mullen are joined by property investor Steven Clark to talk about property investment strategies including an update on the local Fife Property market while answering questions live on their TV show every Saturday morning @ 9.30am.

Today’s agenda in case you would like to skip to the section required is:  Continue reading Fife Properties TV (Series 1 EP 3) Property investment strategies and Local Property Market updates.

PROPERTY MYTHS: Misconceptions about selling your home (5 min read)

Absolutely everyone we meet has a different story. Why they bought the home they live in; why they’re selling it now; what they’ve enjoyed through their time in residence. Indeed, one of the many delights of estate agency is hearing all these tales and listening to hopes and dreams for the future. Continue reading PROPERTY MYTHS: Misconceptions about selling your home (5 min read)

Fife Properties TV (Series 1 EP 2) Home Reports and investment strategies

Fife Properties TV (Series 1 EP 2) Home Reports, Local Property Market updates and Property investment strategies

Top Letting Agent Richard Cook, Chartered Surveyor David Marr and Property Investor Jim Parker answers questions on their live TV show every Saturday @ 9.30am.

Today’s agenda in case you would like to skip to the section required is:  Continue reading Fife Properties TV (Series 1 EP 2) Home Reports and investment strategies

The Fife Property Market Post-Lockdown – the First 75 Days (4 min read)

With around 1 in 2 Fife house sellers actually selling their home in the last month, Fife sellers and buyers will need to continue to be pragmatic if the surprisingly strong current levels of activity in the Fife property market are to be sustained.

 

To start, we had the once in a lifetime event of the credit crunch in 2008, we then had another once in a lifetime event with the Brexit vote in 2016 and now the mother of all ‘once in a lifetime’ events, Coronavirus in 2020 – three once in a lifetime events in the space of 3 Olympic Games!

 

The doom-mongers forecast that the British property market would drop like a lead balloon  on the scale of the 1989 housing crash (where property values dropped by 30.87% in a couple of years) but would be nothing compared to the tsunami that was Covid. Yet in the first 75 days of the property market coming out of lockdown, behavioural and economic changes mean that many Fife homebuyers are now even more dedicated to moving home and the Fife property market is doing quite well.

 

Going into lockdown, the effect on activity in the Fife property market during those three months was expectable and predictable as it was placed in suspended animation during April, May and June. When the Fife property market re-opened in late June, nobody predicted what happened next. Of course, many of us in the property industry estimated some release of pent-up demand from the Boris Bounce, yet nobody anticipated such a ricochet in activity in the Fife property market.

 

This is particularly interesting when one considers GDP dropped by 20.4% in Q2 2020 (fascinating when compared to notable historic times when it dropped by 13.8% in WW2 and 16.7% in WW1), yet amidst the largest contraction in the UK economy ever in a single quarter, what wasn’t expected was an increase of potential property buyers and sellers wanting to move post-lockdown.

 

Some have cited this boost to the property market on a number of factors. Firstly, we have had the Stamp Duty Holiday, others have pointed at the never seen before 0.1% Bank of England base rates making mortgages cheap, then we had the furlough scheme which protected so many jobs and finally, the pent-up demand from the Boris Bounce.

 

Yet, when one actually talks with Fife buyers and sellers, whilst all of them cite one or two of the above reasons, all of them mention and talk about how the lockdown has made them re-evaluate and reconsider how they want to live, their work-life balance and where they want to live. This is also reflected with tenants changing their requirements when looking for a property to rent (so Fife landlords – be aware of this).

 

Demand for apartments in the centre of Fife has eased off, whilst demand for property with a good-sized garden or other outside space has increased. One question we get asked all the time is also the broadband speeds, although they are quite decent in Fife (the average broadband in our local Council area being 41.0 Mbps download and 7.9 Mbps upload).

 

So, with record numbers of Fife properties coming on to the market – is it boom time for Fife homeowners?

 

Of the 901 properties that have come onto the market in Fife over the last month, 420 of them have agreed a sale

(a percentage of 46.6%)

 

That means around 1 in 2 Fife people that have placed their property onto the market have not found a buyer yet.

 

Yes, the Fife property market is good, yet the number of people who have placed their property on the market has also gone up. Fife estate agents have never been so busy putting property on the market and I feel sorry for the chap who is putting up all the for-sale boards – his wife hasn’t seen him in daylight for weeks!

 

But that does mean you are in competition with so many other properties on the market (the number of properties coming on to the market typically at this time of the year is about a third to half less). The Stamp Duty boost ends in March 2021, so that means you need to have found a buyer by November at the very latest. By over egging your asking price, to test the market, might mean you will lose out on this hiatus and could end up missing the boat!

 

The prices being achieved for the Fife properties that have been selling have been fair and realistic and have stood up much better than many were originally predicting.

 

Yet as the country looks forward, given the ambiguous nature of the outlook for the British economy and the possibility that Covid-19 may be with us for a little while yet, I must implore Fife property sellers to be realistic with their asking price so a greater number of you who want to make the move, are able to do so.

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