Fife Residential Sales Update
Fife Residential Sales Update: Focused Expertise in Fife
Our research shows that the sale of prime residential property (above £500,000) is continuing to grow in Fife. Total transactions of all properties sold over £500,000 has increased by 131% over the last five years. Two interesting threads arise from these statistics. Firstly, the Fife property market is enjoying improved trading conditions over the longer term, which is substantiated by the Land Registry Data released in early 2019. The second point hones in on the seasonality of the market, with vendors launching their property early in the spring market entering at the best performing part of the year.
Across the market in Fife, transactions have increased by 19% in the past five years, a figure above the national average of 15%. Alastair Houlden, Director of Country House Sales, leads Rettie & Co’s Fife team. He notes that "the last five years have translated to rising house prices, a trend we expect to continue over the next five."
The Fife market is improving in sales and prices with a post-recession quarterly peak of 2,014 transactions in Q3 2018. This figure dropped back only slightly for Q4 2018 to 1,897. On an annual basis from 2015-2018, we see a marked increase in transactions of 19%. There has been a 20% increase in house prices over the same five year period, which in turn relates to a 43% increase in turnover.
Our forecast for annual house price growth in Fife from 2019 through 2023 is as follows: