The East Neuk is the jewel in the Kingdom of Fife’s crown.
Properties there have always sold for a premium. With its postcard-pretty collection of villages scattered along a beautiful stretch of coastline it isn’t hard to see why.
Prices have continued to rise year on year, and many locals can no longer afford to buy a home in the village where they grew up.
There are signs the tide may be turning, however. Interest rates are at their highest level since 2008. Buyers of second homes now have to pay an extra 6% of the purchase price as an additional dwelling supplement.
And anyone wanting to run a holiday home must now apply for a short term let licence. Obtaining one is time consuming and costly, and there is no guarantee that applications will be successful.
That’s bad news for holidaymakers and property investors. People looking for their own home will find all this heartening though. No longer are houses going for 20% above their asking price.
Indeed, some properties are having their prices slashed – even in locations that always commanded a premium.
We’ve found five East Neuk properties that have had their asking prices significantly reduced.
Set just one street back from Cellardyke’s seafront, this handsome traditional townhouse has three levels of accommodation.
The ground floor has a living room and kitchen while the first floor has two bedrooms and a bathroom. The attic contains a third bedroom which enjoys superb sea views.
To the rear is a large garden with various outbuildings. A garage has an attic level above and could potentially be converted into an annex or home office.
The West Forth Street house requires some upgrading but could be a stunning coastal home.
Best of all, it’s price has been cut by nearly 16%. Originally marketed for o/o £285,000, the asking price is now just £240,000.
Want to feel like you’re living in a castle? This handsome semi-detached home in Crail forms part of a large mansion house. With turreted frontage and a courtyard garden it has no shortage of grandeur.
Located on Beech Walk, it backs onto playing fields and is only a short stroll from the village’s historic centre and harbour.
The house is nicely appointed inside, blending traditional features with modern décor. Spread over two levels, it has a living room, dining room/snug, kitchen, WC, three bedrooms and a family bathroom.
Originally on sale for £340,000 it’s had £40,000 knocked off its asking price and is now on sale for £299,000. Remarkably, that’s only £49,000 more than it last sold for more than two decades ago in 2003.
Of all the East Neuk villages, Elie has always been the most exclusive and expensive. Just three years ago a house there sold for an astonishing £600,000 over its £1.1 million asking price after a frenzied bidding war.
This six bedroom detached home sits right on the waterfront, with Elie’s award winning beach at the end of its garden.
Despite that, no buyer has come forward since it went on sale last summer – even with the price quickly being reduced by a whopping £100,000.
With a price tag of just £175,000 this three-bedroom bungalow offers an affordable entry point to East Neuk living.
The house is on Waggon Road, which is just a short walk from the waterfront and the Fife Coastal Path.
The interior has simple but tasteful décor and the house is ready to move in to. It has three bedrooms, living room, kitchen and bathroom, along with a small courtyard garden.
The home report values the house at £200,000 but its price has been steadily reduced and now sits at £175,000.
This maisonette has accommodation over the upper two levels of a traditional building in St Monans.
It has two bedrooms, a living room, kitchen and three-piece bathroom. The attic-level living room enjoys excellent sea views from its bay window.
This flat is not for everyone, however. It’s being sold through a specialist estate agent that markets ready-let property. Anyone buying it should be aware that it comes with tenants who have been there for several years.
That doesn’t mean it’s not good value though. Originally on sale for £195,000 its asking price is now just £177,000.