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Current boom in housing market ‘not normal’ says Fife property expert

Properties have been selling for much more than valuation
Properties have been selling for much more than valuation

A Fife property expert has warned of major changes in the housing market in Scotland.

Alasdair Seaton, partner in DM Hall’s Dunfermline office, said the Covid-19 pandemic has altered the way people think about their work-life balance.

He said the nine-to-five office routine, was becoming increasingly unattractive with office workers asking themselves if they actually need to return to their desks.

Mr Seaton said the chartered surveyors had seen a huge rise in house moves driven by lockdown-related considerations.

“These include people needing bigger homes if they are going to be working there indefinitely,” he said.

‘Astonishing’ property boom in Tayside and Fife with some homes selling for £40,000 over valuation

“Moves also include people who have missed their relatives and grandchildren and who want to be nearer to them and people from Edinburgh who want more space, a rural environment or just a bigger property for their money.

“The vast majority of sales are going to a closing date and achieving prices well in excess of their home report values. Many are selling without inspection, and very quickly.

“The activity in the market at the moment is certainly not normal.”

While demand for house moves is driving a property price boom, there has also been an unprecedented increase in the supply of homes coming to market.

Andrew Milne, residential partner at DM Hall, added: “The flood of supply stems from a number of factors: people who were ready to move in March but were prevented; people who have reflected on their lifestyles and have been emboldened by lockdown and working from home; and those who want more space than is available in cities.

“One of the idiosyncrasies of this market is the disproportionate number of households without children who are keen to move.

“Parents are more constrained by schooling considerations. And, unfortunately, lockdown-related relationship breakdowns mean more demand.”

rmclaren@thecourier.co.uk

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