The Fife letting market is experiencing a surge in demand for high quality rental homes, according to one of Scotland’s leading independent agents.
CKD Galbraith report that the volume of lets secured by its Cupar office doubled while the number of properties available to let rose by 35% during the first three months of this year compared with the same period in 2015, reflecting the fact that there has been a steep increase in demand from tenants in Fife since the start of the year.
Sean Cruickshank (pictured), CKD Galbraith’s lettings manager for the region, said: “Rural Fife has experienced a growing demographic of tenants who, despite being able to afford a mortgage, have chosen to remain or even return to the rental sector. This is due to a number of motives: some tenants feel renting offers greater flexibility, a higher calibre of property and reduced stress when it comes to maintaining and repairing their rental home.
“Many people in Fife are also opting to rent between selling and purchasing their next property so as not to feel rushed or simply renting whilst building their own home. For these reasons demand is high and working in landlords favour, allowing them to take their time choosing a suitable tenant for their property.”
There was also a surge in property sales across Fife in the first quarter, fuelled by growing demand for quality rural homes within commuting distance to main towns and cities.
CKD Galbraith’s Cupar office has reported a 71% increase in the number of properties sold and a 23% rise in the number of properties brought to the Fife market during Q1 2016 compared to the corresponding quarter of last year.
George Lorimer (below), partner at CKD Galbraith’s Cupar office, said: “The figures for the first quarter of this year are very encouraging reflecting that confidence has been fully re-established in the Fife property market. Competition remains strong in the region with buyers willing to act quickly when they find what they are looking for in a property. Especially sought after are three to four bedroom quality rural houses with some land and within easy reach of the region’s popular towns and cities.
“The Cupar area is especially sought after as it offers very god value and has excellent amenities, shops and professional services and is within easy commuting distance of Dundee and Edinburgh, with transport links set to improve later on in the year when the Queensferry Crossing opens.
“Young families in particular are being drawn to rural Fife when comparing property prices with Edinburgh city centre and East Lothian. An offer around £350,000 in Cupar would stretch to a nice sandstone three to four bedroom house in comparison with a two bedroom flat in Edinburgh. St Andrews continues to be a real hot spot with golf, the university, highly regarded schooling and the general “buzz” offered by this highly regarded town still drawing in strong demand from domestic and international buyers.”