Kirkcaldy house market is ‘warming up’

The market is attracting more buyers
The market is attracting more buyers
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The market is finally warming up, say Kirkcaldy estate agents - but nowhere near as hot as the national headlines would suggest.

Last week, the Royal Institution of Chartered Surveyors (Rics) claimed house prices had shot upwards as demand outstripped supply.

According to Robert Duncan, a valuation expert from Your Move, the Kirkcaldy market has seen a marked increase in activity - but no dramatic jump in prices.

“I read house values would rise six per cent a year over the next five years but we have to take these figures with a pinch of salt,” he said.

“We’ve found that houses are selling faster and they are achieving their home valuation report much more easily and some are even exceeding them, but realistically that’s because surveyors are looking at historical sales and pricing a property conservatively.”

Agents report well-presented two-bedroom properties are commanding good prices from first-time buyers and three-bed semis in Dunnikier estate have risen £10,000 over the past year.

Kirkcaldy - a UK hotspot for rental yield - has also seen a healthy return in buy-to-let investors however, the value of flats in, for example, Octavia Street, have remained at best stagnant.

Nevertheless, Andrew Watt of Delmore Estate Agents reported his best first quarter trading since 2008.

He said: “The volume of sales is really, really good and I think we are now starting to find that there’s not enough stock to meet the numbers of people of viewing - that’s unusual.

“I lack faith in long-term projections but there’s every reason to have a more optimistic view that house prices will increase.

“We’ve had such a stagnant and depressed market and we’re now out of that.”