UK Housing Prices Archives - Fife Properties
Fife Properties

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 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.

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 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.

SHOULD I ACCEPT? All you need to know before taking an offer. (5 min read)

Great news! Someone wants to buy your home, and perhaps you’ve even received more than one offer. You’ve made the step from being available to being in demand, and now it’s time to decide whether an offer is a good one – and the right one – for you. Continue reading SHOULD I ACCEPT? All you need to know before taking an offer. (5 min read)

ASKING TOO MUCH: Why are agents overpricing homes? (5 min read)

The market is booming, prices are rising, there’s a stamp duty holiday and buyers are out in droves: could it be any more of a seller’s market?

 

And it’s true: we are achieving record prices for property; multiple offers have become the norm and, for many sellers, their home is only available for a matter of days before they receive an offer that is not only acceptable, but more than they dreamed possible. Continue reading ASKING TOO MUCH: Why are agents overpricing homes? (5 min read)

Why Are Some Banks Reining In Over-Enthusiastic Fife Homebuyers and Buy to Let Investors? (4 min read)

The Fife property market is an enigma and chock-full of contradictions.

Notwithstanding an economic recession and forecasts of property values dropping, nobody seems to have informed the Fife homeowners selling their homes and those Fife people looking to buy them. As I have discussed in many Continue reading Why Are Some Banks Reining In Over-Enthusiastic Fife Homebuyers and Buy to Let Investors? (4 min read)

What Will Be the Effect of Covid-19 on the Fife Property Market?

So now we are only a matter of a couple of weeks into lockdown, yet can you believe it I am still speaking with agents from all over the UK, and I do not jest, properties are still being sold and let even in these unprecedented times. Yet I would like to address the question I have been asked many times recently “What will be the effect of Covid-19 on the Fife property market in the short, medium and long term?”

Continue reading What Will Be the Effect of Covid-19 on the Fife Property Market?

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.

Continue reading How Do You Save For a House Deposit?

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.

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