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.
With the sun finally making an appearance, BBQs will be the order of the day for plenty of us, especially after the lockdown period where a lot of time was spent indoors. However, if your BBQ hasn’t been used since last summer or you forgot to clean it after filling up on delightful treats the last time that you used it then giving it a good clean will be required. Here are a few tips to make the task as simple and effective as possible. Continue reading How To Keep Your BBQ Clean All Summer Long In Fife!
Whilst we’re spending more time at home than ever before, has there been a better opportunity to complete those DIY jobs that you just never quite got round to? Why not make the most of the extra time at home and tackle one of our easy lockdown DIY tasks…? Continue reading Lockdown DIY Jobs To Complete (3 min read)
Now that spring is just around the corner, the much-welcomed extra sunshine might be shining a light on some of the less-polished parts of your property. If you’re thinking that a good spring clean won’t quite cut it this year, then follow our 10 home decoration ideas to instantly transform your home…
There are so many different saving schemes out there, it can be overwhelming trying to figure out which is best for you. A saving scheme is typically a program that is designed to influence saving in a manageable way, commonly offering an interest percentage, depending on who you go with. A popular ISA was the help to buy but this is no longer available. Don’t worry, there are so many other options. For example, a good alternative is a lifetime ISA.
When it comes to buying property in Fife it’s important to keep in mind that it could potentially be the home you live in for the rest of your life. With this in mind it’s essential that when you view potential properties in Fife that you take the time to be thorough and get all the information you can.