Hosts Jim Parker is joined by Letting Agent Richard Cook and Estate Agent Sam Green to discuss this week’s news in the Fife Property Market while answering questions live on their TV show every Saturday morning @ 9.30am. Continue reading Fife Properties TV (Series 1 EP 6) Property Price Predications for 2021.
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.
Roll the clock back 20 years and any self-respecting late 20/early 30 something would never say on their first date that they lived with their mum and dad. It was seen as a sign of immaturity being tied to your mother’s apron strings with as a failure to leave the family home. Yet over these last two decades, the age of leaving home has been increasing steadily from 20 years and 11 months in the late 1990’s to 22 years and 7 months today.
However, as with all the stats, the devil is in the detail. Although the age of leaving home has only risen by 8% between 1997 and today, those that didn’t leave home in their early 20’s tended to stay much, much longer.
In 1997, 11.26% of 25 year old to 34 year old still lived at home with their parents,
yet last year that had risen to 15.74%, an increase of 391,000
‘stay at home’ Millennials
However, before we deride these Millennials for still being tied to their mother’s apron strings, I would say those very same Millennials (the mid 20’s to 30-year olds) have been pragmatic, being attracted to sacrificing independence in order to achieve their long-term life goals as they have seen rents rise and an inability to save for the mortgage deposit. All of this has seen the first-time buyer levels in this millennial age range rise for the last three years … so good news for everyone!
However, is all that about to change?
Just as mum and dads in Fife had thought their late 20 something/early 30 something offspring had flown the nest, Covid-19 has blown some Fife ‘chickadees’ back into the nest. Back in March, the lockdown saw many Millennials flee the big UK cities, with their constrained and poky shared HMO’s and flat shares, swapping their city centre private rented home for their parents’ Fife home.
Yet with lockdown lessening, it isn’t just remote workers who are unenthusiastic and disinclined to return to the big cities (fearful of a second lockdown) – many of these Coronavirus blow-ins are deciding to stay put too! A recent YouGov poll asked Millennials of private rented homes what their plans were and 1 in 6 tenants planned to hand their notice in on their rented home and fly back to the nest of mum and dad. The advantages are quite plain, especially as it could enable them to save for a deposit to buy their future home.
There are 160,952 households in Fife, made up of 51,239 single person households and 102,428 family households
(the remainder being made up of shared houses etc.)
Yet how many of those Fife family households had non-dependent children before Covid-19?
15,958 Fife households have children
that haven’t flown the nest
That’s 15.6% of Fife families whose kids are still to leave home … and it’s only going to get worse!
So, what does this mean for Fife homeowners and Fife landlords?
It will mean that Fife parents and their children will get to know each other better, build stronger relationships and it will enable their children, if they are wise, to save for their deposit for their first home purchase – who knows maybe in Fife, as working from home could become the norm.
Also, with remote working, many tenants are looking for properties with bigger gardens which could translate into greater demand for property with bigger gardens? It will also change the property needs of those Fife parents and potentially could mean instead of those parents moving down market, they could end up staying longer or moving up market?
Now of course these polls could be a load of hot air? What I do know is that this thing has not played out yet and only time will tell if this will make a concrete change to the way people live, rent and buy property.
These are interesting times and thank you for reading this. Do let me know your thoughts on this matter.
Are you thinking about sprucing up your walls? Painting is often that task all homeowners dread but it’s one of the most inexpensive ways to improve the look of your home without too much effort.
But before you rush down your local DIY store and start buying pots of ‘Jasmine Shimmer’ and ‘Ocean Ripple’ (yep, they’re real names!) don’t forget the essentials first… Continue reading The Essentials To Consider Before Painting A Room For Fife Homeowners (4 min read)
Those who have managed to continue saving during the coronavirus pandemic may be thinking of taking their first steps onto the property ladder and purchasing their first dream home. Continue reading First Time Buyers’ Property Search Guide For Fife (5 min read)
In this 3-minute read I’ll tell you the 5 top tips to sell your house quickly for the right price this summer.
Now that the property market in England is open for business again, moving plans south of the border can get back on track. Demand from buyers has been up right across the country, with enquiries to estate agents and visitor numbers to the property portals almost at where they were before lockdown began. Continue reading FORWARD STEPS: Will Scotland follow England’s lead? (6 min read)
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.
Are you looking to sell in Fife? Sometimes it’s hard knowing where exactly to start. Our step by step guide might look like a lot of information but it can really be a good reference point to help you during this process.
Do you have to go neutral?
It’s become a modern cliché that neutral decor is not only the best way to sell your home in Fife, but almost the only way. Continue reading BEIGE OR BUST for Homeowners in FIFE