Fife Property Market Healthy As Buyers Look To Move Up The Property Ladder
The Fife property market has had a flying start to the year with encouraging levels of demand and high quality property coming to the market, and an increase in property viewings, according to CKD Galbraith.
2014 was a year of steady growth for the Scottish property market and CKD Galbraith’s statistics from the first quarter of 2015 suggest that this trend is set to continue with the firm’s overall sales up 24% compared to the same period last year. As the traditional spring selling season commences the firm’s offices across Scotland are generally reporting rising levels of buyer confidence and activity.
CKD Galbraith research reported that the first quarter of 2015, from January to March, saw the number of property sales concluded through the Cupar office rise by 27% compared to the same quarter last year. Buyer interest was also significantly up with a 66% increase in property viewings and an identical rise in potential buyers registering with the office in comparison to the last quarter of 2014.
George Lorimer, head of residential, at CKD Galbraith’s Cupar office, said: "Cupar has experienced an increased demand for high quality properties with a high number of local buyers looking to move up the property ladder. I’m confident that our established team has an unrivalled advantage in the local market to be able to secure and sell such properties."
"The statistics demonstrate a healthy market and we forecast this is likely to continue throughout the spring and summer months."
CKD Galbraith’s Fife statistics from the first quarter also show:
- The number of properties on the market rose by 8% compared to the final quarter of 2014
- 70% of sales were completed by local buyers, 24% national and 6% international
- Sales figures increased by 12% this quarter in comparison to the last quarter and 27% compared to the same quarter in 2014
- Increase in the number of high end properties on the market (£400K +) due to the LBTT
- The shortest time taken by the Cupar office to sell a property was one week, the average time it took properties in the region to sell was just seven weeks
The firm has asserted that the new tax system in Scotland, the Land and Buildings Transaction Tax (LBTT), should not put potential buyers from outside Scotland off, the local office’s sales teams are highly experienced in guiding buyers through the process. During the first quarter of the year nearly 10% of the firm’s sales were completed by international buyers with help from the firm’s friendly teams.
CKD Galbraith’s Cupar office is currently marketing an exceptional family house. Edenfield is very well placed for the commuter with St Andrews a 20 minute drive to the east, Dundee around 16 miles away and Perth and Edinburgh also within comfortable driving distance. The property offers outstanding family accommodation including; three reception rooms, five bedrooms, breakfasting kitchen, and conservatory. There is also a useful additional one bedroom flat accessed via a separate short staircase leading off the rear hall area, comprising of a bedroom and sitting room with its own kitchen and w.c.
Edenfield is currently on the market for offers over £695,000. For further information please contact CKD Galbraith’s Cupar office on tel: 01334 659980.
The Cupar lettings department has also had a very successful first quarter with a steady rise in both the number of lets available and the level of demand for high quality lets in the region. Amy McMenemy, head of lettings at CKD Galbraith’s Cupar office, said: "The number of lets successfully secured in the first quarter of this year was up 11% compared to the same quarter of 2014. Supply of properties to let also increased by a staggering 53% compared to the first three months of 2014."
"It’s a very promising start to the year as demand usually outstrips supply and competition is strong for good rental properties. We’ve also witnessed high demand for modern and energy efficient properties as well as large farmhouses. This is perhaps due to the continuing trend in the rental market for families looking to rent larger properties for longer periods rather than entering into a mortgage. Tenants are no longer looking for short-term properties to rent for just a few months but longer-term more homely properties."