DEMAND PUSHING UP LOCAL VILLA PRICES
14 October 2016
PROPERTY values across Tayside have edged ahead 3% year in year.
The average price charted by the Tayside Solicitors Property Centre at the nine month marker comes in at £155,401.
That figure is based on sales approaching 2000 by the end of September at the Whitehall Crescent Centre.
The good news for sellers is that autumnal prices remain strong.
TSPC manager Lynne Hill said: “It could be a good time to bring a home to the market because we have been seeing many properties going under offer very quickly.
“If anyone is thinking of putting a property on the market, the timing could be right because we have seen homes changing hands for on or over the valuation figure, which is a reflection of the mood of positivity in the market.
“Earlier in the year we began to see closing dates reappearing in the local market and that trend is continuing into the autumn.”
In the upper price bracket in Tayside, demand for detached villas has been outstripping supply, pushing up the average year on year price by 4.5% to nudge towards £260,000.
Lynne said: “The total value of detached villas sold through the TSPC by the end of September had reached £68 million, with nearly 100 sold in the last three months alone.
“Over the latest quarter under review the average villa price recorded by member firms has moved ahead by 7.5%, reflecting the strong demand in this sector.”
So far this year the TSPC and its member firms across Dundee, Angus and north east Fife have taken on 2808 properties across the price spectrum, representing a total value in excess of £436 million.
Lynne noted: “Detached and semi detached bungalows are selling well and while the price of the average flat has slipped year-on-year the most recent quarter has seen a 1.4% rise in the average price to £97,724. And the £25 million turnover in the flats sector is the highest quarter figure of the year.”