Average selling prices: TSPC top searched locations of 2023
24 January 2024
As the Scottish property market gears up for a projected surge in house prices during the first quarter of 2024, as revealed by the latest Royal Institution of Chartered Surveyors (RICS) Residential Market Survey, we have taken a closer look at average house prices in the top five most searched locations on TSPC in 2023. With over 4,300 visitors on average exploring tspc.co.uk per day in 2023, the Tayside property market witnessed a surge in interest across various locations.
Notably, three out of these five locations witnessed a decrease in house prices year-on-year, prompting the question of whether this trend will extend to the Tayside property market as a whole.
Kicking off the new year, TSPC has witnessed a remarkable 20% increase in property listings compared to the previous year which is fantastic news for buyers who are searching for their next home.
Topping the list as the most searched-for area on TSPC in 2023 was Dundee, capturing the attention of house hunters seeking affordability and value. The city's appeal grew even stronger in the second half of the year, witnessing a remarkable 24% increase in searches on tspc.co.uk. This surge reaffirms Dundee's reputation as an affordable and attractive option in Tayside. With an enticing average selling price of £155,431, this marked a commendable 4.3% increase on the 2022 market.
In second place was Broughty Ferry, a location that exudes charm but experienced a 15% decline in searches during the latter part of the year. The average selling price in Broughty Ferry stood at £245,807, up 1.7% year-on-year, making it one of the pricier choices in the region. Economic factors and increased mortgage rates likely contributed to this dip in interest. Notably, despite a more subdued market for premiums above Home Report value, properties in Broughty Ferry still achieved an average of 2.8% above Home Report value in 2023.
Arbroath, the largest town in Angus, secured the third spot among the most searched locations, offering house hunters a combination of popularity and affordability. With an average selling price of £160,635, Arbroath and surrounding areas witnessed a 2.8% decline in house prices year-on-year. Arbroath is a popular location for those looking to live in a coastal setting while also being within easy reach of the amenities and job opportunities offered by nearby Dundee.
Carnoustie, the picturesque coastal town well known for its championship golf course, claimed the fourth position and captured the imaginations of those looking for a seaside escape. Boasting an average selling price of £194,089, this was a drop of 0.9% versus the previous year.
Forfar, known as the home of the bridie, occupying the fifth spot, emerged as a sought-after location with its convenience as an easy commute to Dundee and Aberdeen likely contributing to its popularity. Properties here had an average selling price of £165,680 in 2023 which was down 2% year-on-year.
As TSPC continues to be a hub for those navigating the Tayside property market, the trends observed in 2023 reflect a dynamic landscape, with affordability, value, and lifestyle considerations driving the choices of prospective homeowners. The search patterns also suggest a response to economic factors and changing market conditions.