ENCOURAGING SIGNS FOR FIFEâ€™S HOUSING MARKET
ENCOURAGING SIGNS FOR FIFE’S HOUSING MARKET
We can report some encouraging activity in Fife’s residential market, following research that we conducted for the second quarter of 2012.
The prime property market around Fife and Angus is still moving and there are some encouraging signs for further optimism according to George Lorimer, head of the residential department in our Cupar office which covers all of Fife and Angus.
We can report:
- Double the number of sales to date in Fife compared with this time last year.
- The supply of properties is also up by 30% from the last quarter.
- The number of viewings is up significantly from the previous quarter – an increase of about 20%.
- The number of buyers registered with the firm and actively seeking property in Fife has increased by 15% from this time last year.
- Average time taken to sell was three months – an improvement from last year and earlier in the year, with well presented “one off” houses selling better than volume type properties. One such property sold recently in three weeks. Careful pricing is of critical importance though and the market remains extremely price sensitive.
- Of the purchasers who bought property in the second quarter of 2012, 30% were local; 50% were from wider Scotland and the UK; and 20% were international.
George Lorimer said:
“Last year was actually quite a good year for us in Fife and Angus but so far there has already been much more movement in residential sales market in 2012 compared to the same period last year.
“Sales by the CKD Galbraith office in Fife in the second quarter of the year are up on the same period last year. Indeed, it has been a record quarter for the office since the downturn began, which coincided with the start of CKD Galbraith offering a designated residential agency service for Fife and Angus from the Cupar office. We’ve received significantly more instructions during this period too with both supply and demand having increased for certain types of quality property.
“There are still serious buyers out there willing to purchase and the length of time for purchases has remained steady although we’ve seen good quality houses being snapped up in a much shorter time, particularly those with a few acres.
“CKD Galbraith’s Cupar office is having another strong year to date with a noticeable improvement in the quality of stock being offered.
“We have been very encouraged by the positive interest we have witnessed during the first half of the year, and we are hopeful that this indicates a degree of confidence now returning to the property market.”
To find out more about property sales in Fife and Angus - contact our Cupar office.