The Fife Property Market is set for a Healthy 2015
CKD Galbraith believes the outlook is optimistic for 2015, following a successful year in 2014; with encouraging levels of activity in the property market throughout Scotland and a return to competitive bidding.
The fourth quarter of 2014 (October - December) saw property sales and letting figures in Fife continue to grow on the previous quarter’s figures according to new research conducted by our Cupar office. Despite the slowdown during the referendum the market bounced back in October and November, with confidence returning along with English and international buyers.
Both demand and supply of high quality property has grown steadily in Fife, with a strong interest from buyers from across Scotland and the south. The firm have continued to expand their presence in the region which is becoming increasingly popular for commuters.
CKD Galbraith’s Cupar statistics from the final quarter of 2014 show:
- Sales were up by 10% when compared against the third quarter of 2014 and had increased by 30% compared to the same period in 2013
- An impressive 50% increase in the number of high calibre properties for sale through CKD Galbraith’s Cupar office
- The number of buyers registered with the Cupar office rose by 32% compared to the fourth quarter of 2013
- 70% of buyers were locally based; 20% were national buyers; 10% were international buyers
George Lorimer, partner in CKD Galbraith’s Cupar office, said:
“The Fife property market has experienced a successful year; here in the Cupar office we saw a steady rate of growth over the second half of the year and unlike in some parts of the county the referendum had minimal impact. Activity was extremely promising during 2014 both in offers received and the speed of sales; property took on average two months to sell and there was an encouraging number of new sale instructions compared the end of 2013.
“We fully expect there to be more movement at the higher end of the market before the anticipated stamp duty changes occur in April this year and before the uncertainty which always accompanies a general election, but generally we can say that 2015 looks set to be a very promising year for the sector.
“Demand remains very strong for good houses in the £200,000 to £500,000 bracket, with rural properties that come with a few acres especially sought after and competition fierce at the lower end of the market.”
CKD Galbraith’s Cupar lettings department have also experienced a successful fourth quarter.
Amy McMenemy, head of lettings in the Cupar office, said: “The final quarter of 2014 saw a 26% increase in the number of properties available to let through our Cupar office. The office has also taken over the lettings management of two local estates, namely Balbirnie Home Farms and Kinpurnie Estate totalling around 75 let houses and they kept us very busy during 2014.
“It’s exciting to see the supply of properties beginning to match the level of demand in the region. Our landlords know their properties will be well managed by CKD Galbraith, and our local office and expertise has attracted buy-to-let and second home owners to use our lettings service.”
CKD Galbraith operates a network of regional offices located throughout the country and has enjoyed good growth over the last year. The firm as a whole experienced a 24% increase in the number of sales in the final quarter of 2014 compared to the third quarter. As well as the improvement in sales figures, there was also a 23% increase in the number of viewings against 2013’s figures for the final quarter.
Throughout 2014, CKD Galbraith handled property in excess of £375million covering property throughout the whole of Scotland. Prices achieved for all properties sold by the firm during 2014 were, on average 1.54% over the asking price, highlighting the firm’s unrivalled local knowledge of the market and expertise in setting prudent valuations.