In the first quarter of 2020, the UK government concluded that Scottish property prices were 3% higher compared to 2019. But, by March 2020 lockdown restrictions were implemented and as a result, the Scottish housing market was severely impacted, slowing house sales up and down the country.
On top of that, the number of homes coming to market significantly decreased. In June 2020, the Scottish property market bounced back faster than anyone could have predicted once restrictions were lifted.
The Scottish market continues to do well even under the Scottish Government’s recent 5-tier lockdown restrictions. In Fife, property experts warn that the activity in the market at the moment isn’t normal, meaning sellers and buyers should be aware of sudden market changes.
What are the Average House Prices in Fife?
Properties in West Fife & Kinross saw a 14.3% increase to the average property selling price between August and October 2020.
Flats in Fife sold for approximately £122,000 while terraced houses sold for around £138,000. As of December 2020, the average price for property in Fife was £178,000, showing 5.80% increase from 12 months ago.
Notably, the average cost of a home in Dunfermline rose to around £190,000, more than 16% rise compared to 2019. The top-selling properties between September and December 2020 in Fife were three-bedroom houses in Dunfermline.
In Fife, the total number of homes coming to market is higher compared to 2019 figures, indicating a strong buyer market. Properties in East Fife have decreased in average selling time, being placed under offer at 33 days (compared to 55 days in 2019).
Fife Property Market Predictions: What to Expect in 2021
- Homeowners and renters are thinking more about their work-home life balance more than ever thanks to remote working. Find out more about how property buyer wish lists have changed in our guide.
- Most properties in Fife get multiple offers (often with waived contingencies attached). Homes are currently selling for roughly 1% above list price and switch to ‘pending’ in approximately 4 days. This trend is expected to continue into 2021.
- Current appetite in the Fife property market seems to be driven by pent-up demand caused by the COVID-19 lockdown restrictions, and also due to strong new-build sales. However, market watchers expect these conditions to die down sometime in the future.
Don’t Miss the Scottish Government’s Land and Buildings Transaction Tax (LBTT) Holiday
From July 15th 2020 until March 31st 2021, the Scottish Government introduced an LBTT property tax holiday to boost the Scottish housing market during the pandemic.
If you’re a home buyer, the Scottish LBTT holiday has the potential to save you some money, but the amount will vary depending on the price of the property. Find out more about the LBTT holiday in our recent guide.
Get a Home Report from Home Report Company
While the Scottish property market conditions may look positive today, it’s always worth being prepared as a seller or a buyer. Getting a Home Report early is the ideal way to prepare and avoid any sudden surprises. Read our expert guide to learn more about Home Reports and what documents are included.
If you have any questions about buying or selling property or would like to ask us for more information give us a call 0131 608 0175 or email enquiries@homereportcompany.co.uk.
