Fife Quarter 3 2013 Property Review
CONFIDENCE CONTINUES TO GROW IN FIFE PROPERTY MARKET
Encouraging activity in Fife’s residential property market shows no signs of slowing down according to new statistics released by CKD Galbraith.
Following research conducted by the firm’s Cupar office, the quarter three period from July to September 2013 saw property sales in the region rise by 30% when compared against the same quarter of 2012. Viewings, the supply of new instructions and applicant registrations with the CKD Galbraith Fife office also rose substantially during this stage.
George Lorimer, partner in CKD Galbraith’s Cupar office, said: “Last year saw the start of a recovery that has continued throughout 2013, particularly for quality properties in the £250k to £500k bracket. Whilst we believe there is still room for continued improvement, we are seeing good levels of activity and a real optimism and willingness from both buyers and sellers to complete a deal whenever possible.”
CKD Galbraith Cupar statistics from quarter three show:-
- Sales up by 30% when compared against Q3 2012 (and up 50% from Q2 2013)
- Viewings up by 5% on the corresponding period of 2012
- The number of buyers registered with the Cupar office up by 10% compared to the Q3 2012 figure
- The number of properties listed for sale broadly the same compared to Q3 2012
- Average time to sell now three months, down from Q3 2012 and down from the last quarter of 2013
- 50% of buyers are locally based; 40% are national buyers; 10% are international buyers
CKD Galbraith’s sales teams operating across the whole of Scotland handled in excess of £400million worth of property (2012/13 financial year) ranging from cottages and conversions to country houses, farms and estates.
George continued: “There has been much talk in recent weeks of property bubbles developing within the UK housing market but in Fife we believe we are seeing sustainable growth and real cause for optimism rather than just a short-term boost.
“There is really strong demand for houses in the £200,000 to £500,000 bracket, with rural properties that come with a few acres especially sought after in the market. Activity in the £500,000-plus market remains slower than we would like but it is a sector that should hopefully develop once the improvement in the rest of the market filters through.
“As we embark on the final quarter of the year, we are encouraged by the overall outlook and forecast that 2014 will continue to see encouraging growth in the market.”
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