Fife Property Market Continues To Show Positive Results
The Fife property market continues to show encouraging signs of activity according to latest figures released by CKD Galbraith’s Cupar office.
The show an increase in the volume of property sales and an increase in the average value of property sold during the final quarter of 2015 (Q4 Oct – Dec 2015) compared to the same quarter of 2014.
CKD Galbraith’s Cupar statistics from the final quarter of 2015 (Q4 Oct - Dec 2015) show:
- The number of properties sold during this period was up 16% compared to Q3 of 2015 and up 38% on Q4 of 2014
- Supply of properties coming onto the market increased by nearly 25% compared to the same period last year
- The number of viewings conducted increased by 116% compared to the final quarter of 2014
- Property in the area sold, on average, almost two weeks quicker than the previous quarter
The increase in CKD Galbraith’s Cupar property sales reflects the latest figures recorded by Registers of Scotland (report published 2 February) which outlined that from October to December 2015 Fife sales increased by 22.3% in comparison to the same quarter the previous year.
George Lorimer, Partner and head of residential at CKD Galbraith’s Cupar office, said:
The Fife property market has continued to show positive results throughout the final quarter of 2015 with our sales figures up significantly on 2014 and the number of properties brought to the market by our sales team also rising.
In addition we saw a massive increase in the number of viewings conducted in comparison to the same period last year indicating a very healthy market where the average value of property sold has remained fairly steady. Local buyers continue to dominate the Fife property market although there are still good numbers of purchasers around from south of the border and also overseas and we are well accustomed to selling nationally and internationally through our various excellent platforms and websites.
Despite the market having endured some significant changes over the last year, with the introduction of the LBTT and the 3% levy on second homes coming into play this April, the Fife market remains remarkably resilient. We are experiencing very encouraging levels of activity which typically increase noticeably as we start to approach the prime Spring selling period. With more buyers waiting than has been the case for years our advice is not to delay.
There were also positive signs in the Fife lettings sector.
Sean Cruickshank, of CKD Galbraith’s lettings department in Cupar, said:
We are greatly encouraged by our findings for the final quarter of 2015, indicating continued strength in the Fife rental sector. There has been an encouraging increase of 123% in the number of properties let this quarter compared to the previous quarter of 2015 with 138% more properties coming onto the rental market. Demand for high quality lets is still outstripping supply and viewings over this period has also increased, up 107%.
The latest Registers of Scotland report also outlined that from October to December 2015, the total volume of residential property sales in Scotland increased by 14.5% compared with the same period in the previous year. The average property price in the quarter was £167,734 an increase of 1.6% compared to the previous year.
CKD Galbraith operates a network of regional offices throughout Scotland and figures for the firm as a whole, over the same period, reflect this national trend with a 17% increase in the volume of sales achieved in comparison to the same period last year and the average value of property sold by the firm being £384,000, an increasing of 19.8% on the same quarter of 2014.