Short-term holiday lets across Fife have suffered greatly during the coronavirus lockdown, a leading property consultancy has said.
Geoff Laird-Portch of Galbraith said many landlords could be considering transferring to longer-term residential lets for greater security as the pandemic continues.
The Cupar-based lettings manager added however, the short-term lettings market could be supported by more people enjoying a “staycation” if lockdown measures were eased at home but foreign travel restrictions remained.
He believes the lettings sector will return almost to normal when lockdown ends.
Mr Laird-Portch was speaking as the company revealed the region’s property market in general was starting to show signs of recovery, with many people beginning to prepare their homes for sale once restrictions are lifted.
The firm has also seen an increase in enquiries for rural living with gardens and home working spaces as more householders continue to work from home.
“We have experienced strong levels of demand in the lettings sector with demand outweighing supply and rents remaining strong.
“This might be as a result of the short-term uncertainty witnessed in the sales market at the start of lockdown, however the Fife lettings market does present an active market year-round.
“Short-term holiday lets have suffered greatly as restrictions have ceased business for the time being.
“Once lockdown has been lifted, we expect there to be a very quick turnaround in properties once they have been put on the lettings market and believe the market in Fife will return to as normal a picture as is possible.”
For the three months to March 31, Galbraith witnessed healthy sales in Fife and a 73% year-on-year in increase in market appraisals but trading has since been impacted by the pandemic.
Partner George Lorimer added, however: “As people start adjusting to the new norm, we are now witnessing a level of confidence returning to the Fife property market which, in keeping with the rest of the country, took quite a big hit at the beginning of lockdown.
“For the first six weeks of lockdown we had very little stock of new properties for sale in the highly sought-after £300,000 to £450,000 price bracket.
“What we are finding now is that people are re-engaging across the kingdom, keen to get their properties ready for marketing once lockdown has been lifted.”
Mr Lorimer said Galbraiths had adjusted by embracing new technologies to help clients and virtual viewings have been introduced.
“I do think the majority of buyers like to get a proper feel for a house before they can make the biggest purchase of their life so we are gearing up for an influx of viewings and new listings once they can be safely conducted.”
