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Fife market buoyant following regeneration

Wednesday 09 January 2019

Property sales in Fife boomed in 2018 due to its proximity to Scotland’s two principal property hotspots, Edinburgh and St Andrews, and the rejuvenation of Dundee, according to Propertymark Protected independent property consultancy, Galbraith.

The latest monthly UK House Price Index shows that the average price of a property in Scotland in October 2018 was £151,508 – an increase of 4.4 per cent on October in the previous year, far outperforming England (2.7%). As with any country though, figures can be skewed by various hotspots. According to figures from Galbraith, Fife is one of these areas. Galbraith report that property sales from its Cupar office in 2018 were up 12% on 2017 and the number of market appraisals undertaken by the firm also increased by 13% year-on-year. 

Why is the region thriving?

George Lorimer, Galbraith

George Lorimer, a partner with Galbraith based in the firm’s Cupar office said:

“Fife is perfectly sandwiched between Dundee, St Andrews and Edinburgh. The strong demand for property in these areas has extended throughout the whole region. This year the opening of the V & A Dundee has captured national and international attention and has created a huge buzz. People really want to live in Dundee and it is a thriving city that’s really on the up. I was born in Dundee and grew up here – it’s great to see all the changes and it is now a great place to live and work, offering a very high quality of life.

“The Scottish government has poured millions of pounds of investment into Dundee and regenerated the waterfront and the west end. The opening of the Queensferry Crossing has also reduced commuting times to Edinburgh. Fife has the natural attractions of a wonderful coastline, beautiful countryside and some of the best golf courses in Scotland at St Andrews, Kingsbarns, Crail and Ladybank with Carnoustie also nearby. Property to the north of the Forth is very attractively priced when compared to the Edinburgh market.

“The East Neuk area, with its lovely traditional villages, is also perennially popular. Elie, Crail, Anstruther and Pittenweem all offer historic properties with attractive architecture, a great variety of restaurants, pubs, independent shops and popular beaches. The East Neuk is full of visitors in the summer, many of whom go on to purchase a holiday cottage in the region or make the move to live here permanently. The market is buoyant and this year has been particularly good.”

George Lorimer is celebrating ten years at the helm of the agency department in the Galbraith office in Cupar.

The Propertymark factor

He believes that 2019 will continue to show strong sales for the Fife region:

“Last year we were instructed to sell several properties which were originally for sale through other agents but were not attracting much interest. We are an established brand, offering a high-quality professional service, with the extra peace of mind that being a Propertymark Protected firms brings. There are 12 of us in the office so that clients can connect with a real person and build up a good relationship. We all live and work here so we know the area well. In estate agency there is no shortcut to just doing things properly!”

The average price of property sold in 2018 in Fife by the firm was £436,000, up from £402,000 in 2017.

Across Scotland as a whole, Galbraith handles over £53 million worth of property sales on average per quarter.