The residential property market in Fife continues to flourish following a strong start to the year thanks to growing buyer confidence, according to the latest figures released by CKD Galbraith.
The property consultancy described Fife as ‘strong and resilient’ after research conducted by the firm’s Cupar office during the first quarter of the year found that demand remained high over the traditionally quieter winter months and the supply of new properties increased by 19% compared to the previous quarter.
Fife holds strong appeal, with buyers in Q1 coming from across the UK. Some 16% of purchasers were national, 10% international and the remaining 74% of buyers coming from within the region.
Part of Fife’s wide appeal is the fact that it offers good connections across the region to Edinburgh, Dundee and Perth and has some of the most outstanding coastal villages and country landscapes in the country.
Demand is particularly 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 in what is a relatively dry and sunny part of Scotland.
George Lorimer, head of residential sales at CKD Galbraith’s Cupar office, said: “The Fife property market has shown no signs of losing momentum in 2017.
“Despite the upcoming general election demand has continued unabated, frequently outstripping the supply of new properties coming to the market. This is creating strong competition with property prices likely to continue rising over the coming months.
“Sellers thinking about moving during the summer are now in a prime position to achieve good offers so long as their properties are realistically priced.”
Buy-to-let investors may also be keen to learn that demand from renters here also remains high for all types of rental properties.
Geoff Laird-Portch, head of lettings at CKD Galbraith’s Cupar office, commented: “Demand continues to outstrip the supply of good quality properties to let in the region and it’s a very strong and resilient market here. The number of property viewings conducted during the first quarter of the year rose by over two fold compared to the same period of 2016.
“Houses or flats in good locations with convenient transport links remain high on most prospective tenant’s wish lists. As we progress into a more heavily regulated lettings sector we fully expect to see a rise in the number of landlords seeking professional advice and assistance. CKD Galbraith’s letting agents are all full accredited and offer excellent local knowledge coupled with unrivalled market experience.”