Fife Property Market Remains Very Resilient
Latest figures released by CKD Galbraith reveal the enduring appeal of the Fife property market.
During the second quarter of 2016 (April – June) CKD Galbraith’s Cupar office has been involved in a healthy number of sales and has witnessed a surge in viewings, increasing by 62% in comparison to the same quarter last year. The number of properties brought to the Fife market through CKD Galbraith has also increased and is up by 33% over the same period.
George Lorimer, partner at CKD Galbraith’s Cupar office, said:
The Kingdom of Fife is an affluent and popular area of Scotland which has continued to prosper this year with our figures for the second quarter of 2016 demonstrating its resilience despite any uncertainty of Brexit.
We have been greatly encouraged by the positive level of activity in the market, especially the surge in viewings and expect these levels to convert into sales and competitive offers throughout the rest of the summer months.
House prices in Fife are still very attractive when compared with the rest of the UK and the region offers a real variety of good quality house types from rural to coastal and its wide appeal amongst house hunters both locally and from across the rest of the UK is unmistakable.
Demand remains very strong for rural family homes, in particular properties that come with a small amount of land and outbuildings, allowing owners to buy into idyllic country living. St Andrews and Cupar being especially popular given their accessibility from Dundee and Edinburgh.
The Fife lettings market has also experienced a healthy second quarter according to Sean Cruickshank, head of lettings for the region, who commented:
Demand continues to be very high for good quality rural properties to let with larger high-end lets also growing in popularity as more people choose to rent rather than buy as a lifestyle choice. The number of properties let by the Cupar office during the second quarter of the year rose by 38% compared to the same period of 2015.
These high levels of demand and competition for rental homes across Fife has resulted in a slight increase of 11% in the average letting price of properties in the area compared to the second quarter of 2015.This perhaps also reflects the type of tenants looking for property who are willing and able to pay more to secure their ideal house for a long term let.
CKD Galbraith operates a network of regional offices located throughout the country and figures for the firm as a whole during the second quarter of 2016 demonstrate the resilience of the Scottish market and appeal to buyers from across the UK, despite the uncertainty of Brexit.
The firm has reported a 17% increase in the volume of sales achieved compared to the same period last year, with national buyers accounting for 41% of total sales, reflecting Scotland’s lifestyle appeal and more affordable property prices.