Fife property market showing green shoots of recovery
Thursday, February 5th, 2009
on behalf of Project Work and Other Clients
The property market in Fife is showing the first signs of recovery, according to the Kingdom’s leading solicitor estate agent.
maloco + associates believes that prospective home buyers are now looking to take advantage of the record low interest rates, favourable mortgage deals and the current economic climate in order to secure a new home at a bargain price.
The firm, which has been ranked first in the ESPC ratings in Fife for the past three years, has revealed that the number of people registering on its database as prospective home buyers has risen by 15% over the past month.
Michael Maloco, principal partner of maloco + associates, said: “There has been a blanket negativity which has claimed that property market in Fife and the rest of Scotland is well and truly broken and that there is little prospect of repair in the foreseeable future.
“But although it’s true that it has been a challenging time for the property market over the past year – and there are likely to still be challenges to come over the coming months – there are positive signs that a recovery could be on the way.
“While the market fell 20% last year in terms of values and the volume of transactions dropped by around 50%, we are now seeing some very encouraging signs in the market and I believe that we are at the bottom of the cycle. Viewing figures have been rising and the number of people registering on our database as “in the market” to buy has increased by 15% in the last month alone.
“There is now more lending being approved than there has been over the past two months, as those who are able to move have taken advantage of some of the best mortgage deals ever available to secure homes at affordable levels.
“There are now many first time buyer homes available in Dunfermline at below £75,000 and there are rumours of 95% mortgages about to be launched, which will encourage more first-time buyers to make their first step on the property ladder. I believe that this will bring confidence back to the housing market, which will help to stimulate property sales.”
Michael adds that the government Low Income First Time Buyer (LIFT) initiative, which is due to be introduced in Fife over the next two months, will also help to encourage more people make their first move along the property ladder.
He added: “The LIFT scheme provides a Government stake of up to 40% towards the price of a property and I feel this could really help hard pressed would-be first time buyers who are struggling with raising the required average deposit of 20-25% at present. It is likely to provide a huge boost not only for first-time buyers and the rest of the property market in general.
“While some commentators are predicting further doom and gloom for property sales, I believe that we have actually turned the corner and will soon start to see the market pick up once again. There is still some way to go before it recovers fully, but I think this is the time to be cautiously optimistic rather than believing the negative reports in the media.”