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Encouraging Signs In The Fife Property Market

CKD Galbraith has experienced some encouraging signs in the Fife property market over the last quarter and predicts a positive outlook for the year ahead.

George Lorimer, of CKD Galbraith's Cupar office, believes now is an excellent time to be putting properties on the market prior to the traditional spring selling season and outlines some top tips and expert advice for home owners who may be considering selling their property.

During 2013, the firm saw an increase of 34% of properties sold, with an average property value of 422,127, which was an increase of 25,250 on the previous year. Prices achieved were on average within 0.5 per cent of the asking price highlighting the firm's expertise in setting accurate property valuations.

The firm has experienced a continued improvement in the Fife property market over the last quarter (Oct Dec 2013) completing 15% more sales compared to the same quarter of 2012 with the average property value achieved being 429,000 up from 405,000 during the last quarter of 2012.   

George Lorimer said: "Over the last quarter we have seen an increase in business across all our offices in Scotland and we believe that this is set to continue throughout the spring months. Compared to the last quarter of 2012, we have witnessed a marked increase in the number of viewings and prospective buyers registering with us in Cupar.

"The Fife market is showing very encouraging signs with buyer and seller confidence returning almost tangibly. We believe this will continue throughout 2014 and are looking forward to an increasingly robust and active property market on the back of our improved figures experienced last quarter.

"We would strongly encourage early action this year as the Scottish independence referendum is likely to cause a slight slowdown in the property market in the weeks leading up to the poll itself, a traditional trend which is experienced in any General Election year.  

"However, there is no doubt that the Government Help to Buy scheme is assisting first time buyers trying to get onto the property ladder and consequently this is helping to revitalise the market. Furthermore, as a firm we don't expect the new mortgage lending rules, set to be introduced in April through the Mortgage Market Review (MMR), to be something to worry about and in fact the Council of Mortgage Lenders predicts that mortgage lending will grow to 195 billion in 2014, up 15 per cent on last year's figures.

"The forecast is bright for those looking to sell in the coming months but selecting an agent with accurate knowledge of the market in order to set a prudent price and give honest advice is of paramount importance."

Preparing your property for the market needs some considerable thought. George outlines some expert advice to bear in mind and help your property attract the interest it merits:

  • Price is one of the most decisive factors so keep your eye on the competition. It's imperative to conduct some thorough research of your own to ensure you're well placed in 2014's competitive market.
  • Look at your house objectively and ask yourself what the deciding factors that drew you to the property were. Once the unique selling points of the property have been identified make sure they stand out.
  • It's true that first impressions do count for everything! Buyers have often made up their mind on a house within five minutes, so dressing your house well and making it clear that each room has a function will go a long way to establishing a good impression.
  • It's also important that outside spaces and gardens are well presented and appear as spacious as possible. This counts inside the house as well spend time de-cluttering rather than costly alterations such as a new bathroom.
  • Choose the right agent for you and your property. A good agent will be able to give you realistic advice on the local and national market. Investing in your agent will allow you to reap the rewards with dramatic increases in viewers and getting the best price possible for your property. With this in mind, trust your agent's expertise and try to leave the negotiations to them.
  • Finally, try to keep calm throughout the whole process; a viewer will enjoy visiting a house with a happy atmosphere and an owner who does not seem desperate to sell.

CKD Galbraith Cupar has recently launched local Facebook and Twitter pages providing followers with updates, news and information on the local residential property market. To be the first to know about new properties available for sale in the area like and follow us at facebook.com/CKDGalbraithCupar and twitter.com/Cupar_CKDG