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
Tag: Scottish Property
Spring Selling Tips For 2020 In Fife: How To Prepare And Present Your Home For Prime Selling Season
Spring is usually the time of year when the largest numbers of buyers start registering with estate agents to find their next home. And with two long school holiday periods on the horizon – Easter and Summer – family friendly locations like Dunfermline, Glenrothes, Leven, Cupar, Kirkcaldy, East Neuk and St Andrews see a lot of property market activity.
How Do You Save For a House Deposit?
For most of us, the most expensive thing that we ever purchase will be a property, and the prospect of saving for that all-important deposit can be rather daunting. However, the key to saving for that lump sum is simply good financial preparation and making a few changes to your outgoings which should reap big rewards. Take a look through our handy hints and tips and you’ll be in that new home in no time.
Top Tips on Downsizing to a Smaller Home
For a lot of older homeowners today, downsizing can be a great way to have a good clear out after your kids have left home, but also a fantastic way to free up some equity from your home. This financial boost will most likely come with the added bonus of a reduction in running costs as you move to a smaller home.
While there are plenty of benefits of downsizing, moving home can still be a complex and stressful experience, so we’ve put together a quick guide on what to consider to help make your move a much smoother transition.
Decide what you REALLY need Continue reading Top Tips on Downsizing to a Smaller Home
Unemployment – The Secret Driver of the Fife Property Market?
If you have spoken to us on this subject previously, you will know that in the three years since the referendum of the ‘B’ word (that word is banned in our household), we have proved beyond doubt that it (whose name shall remain nameless) has had no effect on the Fife property market (or the UK as a whole).
So one might ask, what does affect the property market locally? Well many things on the demand side include wages, job security, interest rates, availability of mortgages, confidence in the economy, inflation, speculative demand … the list goes on. Yet as my blog readers will note, I like to delve deeper into the numbers and I have found an interesting correlation between unemployment and the number of properties sold (i.e. transactions).
Why transaction levels and not house prices? Well just looking at Fife house prices as a bellwether has flaws. Many property market commentators and economists believe transaction numbers (the number of properties sold) give a more accurate and candid indicator of the health of the property market than just house values alone. The reason is twofold. First most people when they sell also buy, so if property values have dropped by 10% or risen by 10% on the one you are selling, it would have done the same on the one you are buying – meaning to judge the health of a property market is very one dimensional. Secondly, the act of moving is very much a human thing. Property habitually conveys a robust emotional connection with homeowners – a connection that few would attribute to their other investments like their savings or stock market investments. Moving home could be described as a human enterprise, moving from one chapter of one’s life to another. When people move home, it shows they are moving forward in their lives and so this gives a great indicator of the health of the property market.
Looking at Fife’s figures on the graph, you can see an inverse relationship between unemployment and housing transaction levels.
Property transactions in Fife dropped by 55.6%, whilst unemployment in Fife rose by 54.29% during the 2007 to 2009 Global Financial Crash
Until recently, there has clearly been a relationship between conditions in the Fife job market and the number of people who move home … interesting don’t you think?
Now I am not saying unemployment is the only factor influencing the Fife property – but it has to be said there is a link.
As a country (and indeed here in Fife) over the last 40 years, we have seen a shift in the outlook over the purpose of housing and the development of the religion of following house prices (and I appreciate the irony of me writing these articles on Fife – feeding that habit!) Yet, when did owning a home turn from buying a roof over your head to an out and out investment vehicle? I do wish people would stop fretting about their intrinsic value being associated with their Fife home. Now of course, I am not dismissing the current levels of Fife house prices – we just have to take into consideration other metrics alongside them when judging the health of the property market locally.
One final thought, looking on a broader scale in the UK, those towns and cities whose property markets bounced back after the Global Financial Crash had high levels of employment and low unemployment whilst places with high unemployment and relatively low employment have, on the other hand, typically under performed.
So, the next time you are considering a house move or buying a buy to let property in Fife … don’t make your judgement on house price growth alone.
What Has Happened to the Fife Property Market Since the Crash?
A handful of Fife landlords and homeowners have been asking me what would happen if we had another property crash like we did in 2008/9?
The UK property crash in 2008/9 caused property prices in the UK to drop by an average of 18.37% in a period of 16 months.
Continue reading What Has Happened to the Fife Property Market Since the Crash?
Design trends to look out for in 2020
We’re moving into a new decade, and so the last thing that you want is for your home to look dated. Throughout 2019 we have seen some extreme trends in interior design; from the embracing of industrial elements to the resurgence of entirely neutral spaces. We have taken a look at what to expect this year and how to get ahead with your design aesthetic, whatever your budget.
- Colour makes a comeback
One of the key trends this decade has been that of neutral spaces with a few accent pieces to liven up the décor, however this year one of the main inclinations in design will be towards colour; bolder, brighter and braver! Rebecca Breslin, Wayfair Professional design manager, is calling for an end of “Greige, grey and all neutral everything without texture or visual interest” and therefore if you are looking for a change this year then start by adding colour into your home – burnt oranges and deep blues are set to be en vogue throughout the whole year.
- Paper set to tear up the market
A feature wall has been the mainstay of every makeover show and glossy magazine before-and-after shoot since the early naughties, however 2020 is set to end this fad. Rather than a singular wall that is adorned with wallpaper, we are going to see all four walls covered with paper – in line with the brighter aesthetic of 2020. Wallpaper has seen something of a renaissance over the past decade, with designs from Gucci and Dior all the way through to stick-and-peel examples flooding the marketplace, and this isn’t set to end this year. If you want to experiment, then start with smaller spaces such as studies, toilets and guest bedrooms where patterns will seem less overwhelming.
- Cabinet shake-up
The crisp, white kitchens that have been an enduring design staple over the last decade are set to move into retirement in 2020, with colour making its way back into the heart of the home. Kitchen cabinets, more specifically, are to become a real focus in kitchen design – therefore if you are looking to stay on-trend then think about rejuvenating your cabinets. Navy blue matte cabinets with vintage gold handles will transform your aesthetic immediately and mixes the traditional and vintage visuals that are set to be all the rage this year.
- Give art a start
In these modern days of mass production and consumerism, vintage art and antiques are making a huge comeback due to the perceived one-of-a-kind nature of the objects and that they possess their own unique story. If you are looking to make small changes to your home that make it chic, then adding some select pieces of art is a great start – adding pieces to your kitchen walls will add particular interest to an otherwise utilitarian space.
- Soften the edges
Throughout the 2010s, chicness has often been related to strong lines, sharp edges and minimalism, however as we move into the next decade this is set to be turned on its head for an altogether softer look. As well as a nod to 30s glamour (think metallics such as silver and gold, as well as scalloped seating) curves and fluid shapes are set to be popular this year; from circular side tables to rounded-edge sofas.
The £3.6 billion mortgage debt of Fife homeowners
Irrespective of the shenanigans and political goings on in Westminster recently, the housing market (for the time being anyway) shows a striking resilience, fostered by the on-going wide-ranging monetary policy by the Bank of England. With interest rates and unemployment low, UK plc is heading into 2020 in reasonable condition. Additionally, despite the UK’s new homes industry Continue reading The £3.6 billion mortgage debt of Fife homeowners
It takes just eight minutes to decide on a house
As any estate agent can tell you, a successful sale hinges on a good first impression. Prospective buyers possess a sixth sense when it comes to viewing a property and if things aren’t up to scratch – inside and out – you can guarantee they will spot it.
In fact, a recent study has revealed that the average house hunter only needs eight minutes to decide if a property is for them or not and six in ten adults will also choose not to buy a property based on the condition of the exterior of the property, without even needing to view the inside.
In comparison, 18% of buyers admitted to buying the very first property they view and 15% said they decided to buy the property before they had even viewed it in person.
This decisiveness extends online, with the average buyer spending eight minutes deciding whether or not to visit a property – highlighting the importance of a good online advert. This comes back to making sure you have a professional photographer to take stunning photos, a professional copywriter to describe and measure the property, emotive descriptions to catch the buyers attention, a correct and not over-inflated valuation for the home report and most of all an agent that’s going to jump on an enquiry regardless of when and what time it comes in. Proactive rather than reactive.
75% also confessed to being irritated upon finding that an advert or online listing does not accurately represent a property when visiting in person.
The study also revealed which aspects of a viewing signalled an early exit for many prospective buyers. The main offender was an obvious damp patch, which 60% of buyers said would put a stop to any future transaction, whilst a house on a main road or cracks in the wall would also put an end to the viewing.
For the buyers who are good at seeking out the problematic finer details of the property, there were some decisive reasons for buyers backing out of the viewing, such as dirty toilet pipes, overflowing bins, wheelie bins left in front of the property and faded or yellowed paintwork.
Some viewers take issue with a sellers lack of preparation for the viewing such as untidy rooms, poor DIY and ashtrays left around the house.
Other reasons included logistical problems such as the size of the rooms being too small for the buyer’s furniture or issues with the natural lighting of the property. The current owner’s furniture cluttering up the layout of a room which preventing the buyer’s imagination from running wild led to over a third of buyers to back out of a purchase.
The list showcases the importance of sprucing up your home, both before putting it on the market and before every viewing. A prospective buyer needs to weigh up the additional costs and work involved in buying a property, so ensure you give your home the most generic makeover possible and organise your possessions and furniture in a way that won’t distract the prospective buyer.
Some of these issues might seem very minor to you but it highlights the need to have an experienced agent that can overcome what you see as minor objections so the buyer does not walk away over something that could be trivial in hindsight.
Will There Be a ‘Boris Bounce’ For the Fife Property Market?
The Halifax announced in early January that there was a Boris Bounce in the national property market as they stated national property values soared 1.7% in December 2019 – the biggest rise since the 1.9% month on month rise in February 2007 (a few months before the Global Financial Crisis aka the Credit Crunch).
Get the flags out – all hail Boris as the Conservatives gain their landslide general election triumph – the Boris Bounce is here … or is it?
Continue reading Will There Be a ‘Boris Bounce’ For the Fife Property Market?
