Tayside Property Market Buoyant
The Tayside property market has posted a strong performance for 2017, according to annual statistics compiled by the Dundee-based Tayside Solicitors Property Centre, which reveal local homes with a total value of nearly £440 million changed hands last year.
Lynne Hill, manager at TSPC’s Whitehall Crescent Centre, reported that the average house price had advanced 6.5 per cent year on year, now coming in around the £155,000 mark.
The TSPC and member law firms handled the sale of 2829 properties over the past 12 months, a rise of 3.6 per cent on 2016.
“The property market in Dundee, Angus and north Fife is in good health as we enter 2018,” said Ms Hill.
“Over the last quarter the TSPC noted sales up by 15 per cent and we are hopeful that the trend will continue in the months ahead.
“Certainly the early indications are promising. Across the region we are still seeing closing dates from our member firms and many properties are going under offer quickly.”
Reflecting on the last 12 months, she said: “We saw a very strong performance during 2017, with the average price of a property in the region moving upwards in each of the quarterly segments.
“Overall, the TSPC handled the sale of properties worth £438,478,577.
“The trend was also very positive in terms of numbers coming into the market and being sold. While there was a brief lull over the summer, the market finished the year on a high with 867 homes changing hands over the closing three month period.”
While the price of the average villa slipped by nearly 0.5 per cent year on year, strong demand in the sector saw sales rise 10 per cent. A total of 419 detached villas were sold, with the average price now £255,444.
With nearly 1000 sold, the price of the average flat came in at £103,533 – a rise of nearly 10 per cent.
Demand for detached bungalows pushed the average price in that sector up by 10 per cent to average £211,091.
“Sales of semi-detached properties were also robust over the course of the year,” said Lynne.
“The price paid for the average semi-detached villa was up 4.3 per cent at more than £148,000 while the average semi-detached bungalow moved ahead by 4.5 per cent at nearly £146,000.”