Momentum Grows In The Fife Property Market
Despite the uncertainty caused by the Scottish referendum during the summer months CKD Galbraith have released new statistics showing that momentum and interest has actually grown in the area’s thriving property market.
The third quarter of 2014 (July-September) saw property sales and viewings in Fife continue to increase and show positive growth according to research conducted by the firm’s Cupar office.
CKD Galbraith’s Cupar statistics from the third quarter of 2014 show:-
- Sales were up by seven per cent when compared against the last quarter of 2014 and had increased by 40 per cent compared to the same period in 2013
- A 35 per cent increase in viewings this quarter compared to last quarter and a twofold increase against the corresponding period last year
- The number of buyers registered with the Cupar office rose by 44 per cent compared to the third quarter of last year
- 60 per cent of buyers were locally based; 30 per cent were national buyers; 10 per cent were international buyers
George Lorimer, partner in CKD Galbraith’s Cupar office, said:
“The Fife property market has enjoyed another very successful period as demand continues to outstrip supply. We experienced a steady rate of growth over the first half of the year and barely noted any hesitancy from buyers and sellers in the weeks before the referendum, apart from at the higher levels where things did slow somewhat. The higher end of the market has started to recover since the vote however with a noticeable improvement in activity, both in terms of offers received and new sales instructions.
“Demand remains very strong for good houses in the £250,000 to £450,000 bracket, with rural properties that come with a few acres especially sought after and rather rare. We expect the final quarter and first few months of 2015 to be particular busy at the higher end of the market before the new Land and Building’s Transaction Tax replaces stamp duty rate in April.”
CKD Galbraith’s Cupar lettings department have also experienced a successful third quarter.
Amy McMenemy, head of lettings in the Cupar office, said: “The third quarter of this year saw a 23 per cent increase in the number of properties let through our Cupar office. Viewing figures and the number of applicant registrations have also increased significantly.
“As with the sales market, high demand is exceeding supply in the lettings sector. In particular there is strong demand for rural houses and cottages which can be used for long-term lets which appears to be a lifestyle option growing in popularity as the rental market boom continues.”
CKD Galbraith operates a network of regional offices located throughout the country and has enjoyed good growth over the last year which it expects to continue into the final quarter of 2014.
If you are interested in selling or buying a property in Fife, please do not hesitate to get in touch with our Cupar estate agency team.