“One Of The Best Periods For A While” For Fife Property Market
The Fife property market continues to prosper after a healthy start to the year.
CKD Galbraith's Cupar office has experienced an increase in the number of property sales over the second quarter of the year (period April- June 2015) compared to the first quarter, with more properties coming onto the sales market.
Research conducted by CKD Galbraith over the Q2 period of 2015 presents an encouraging picture for the Scottish property market as a whole which has witnessed steady growth over the first half of 2015. The firm’s overall sales were up 4.65% during quarter two of this year compared to the first quarter of 2015.
The number of properties sold during this period in the Fife area was up 28% compared to the first quarter of 2015 whilst the supply of properties coming onto the market increased by 25%.
Buyer confidence has also improved with the firm in Cupar reporting an increased in the number of prospective buyers registering with them, being up 47% on the first quarter of the year.
CKD Galbraith’s Cupar statistics from the second quarter also show:-
- 85% of sales were completed by local buyers, 10% national, 5% international
- The average time taken to sell property was seven weeks, down by five weeks compared to the same period of 2014
- Property sale values ranged from £129,000 to £745,000
George Lorimer, head of residential, at CKD Galbraith’s Cupar office, said:
"The Fife property market is continuing to show very healthy results and it has been one of the best periods for a while in terms of our team handling an increase in property sales, partly due to an increase in market confidence post-election. There is still some resistance at the top end of the market, however there is great demand for properties in the £300,000 to £500,000 bracket and we are witnessing a rise in buyer confidence with the average time to sell a property falling and our fastest sale this quarter taking only 12 hours."
The Cupar lettings department has also had a successful second quarter with a 33% increase in the number of properties let out this period compared to the first quarter of the year and 38% more properties becoming available compared to the same period in 2014.
Shona Burdis of the lettings team said:
"The number of lets successfully secured in the first quarter of this year was up considerably compared to the same quarter of last year. We have also taken on a far greater number of applicants seeking rental accommodation in Fife, being up 52% on the previous quarter which could be as a result of seasonal activity and greater confidence generally. Competition remains strong for modern and energy efficient family sized properties and there is no sign of this now well established trend letting up. We have a strong and consistent demand for high quality rental properties and we are always on the look out for more stock."