The 2023 Success of Dundee, Angus, and Perthshire's Property Markets
28 December 2023
The property market in Dundee, Angus, North Fife, and Perthshire experienced significant growth and resilience throughout 2023. Tayside Solicitors Property Centre (TSPC) and Perthshire Solicitors Property Centre (PSPC) reported substantial increases in average selling prices and accelerated sales, indicating a notable uptick in buyer confidence and market performance.
In TSPC areas, which covers Dundee, Angus, and North Fife, the average selling price increased from Q1 to Q4 by 3.7% to around £182,588. Properties sold quickly, with the Q4 average time reduced to 27 days, five days faster than Q1. The average percentage achieved over Home Report value remained at 1%. Notably, the sustained 9% rate of properties sold with a Closing Date showcased ongoing market demand, with an encouraging 11% rise in properties sold in Q4 compared to the start of the year.
In PSPC's Perthshire domain, the market exhibited robust growth, with the average selling price soaring by 21% to around £244,129. Properties sold swiftly in Q4, in an average time of 23 days, seven days faster than Q1. The average percentage achieved over Home Report value rose from 1.4% to 3.4%. Moreover, PSPC reported a remarkable 24% increase in properties sold in Q4 compared to Q1, confirming a resurgence in buyer confidence.
TSPC property prices soar in Brechin, Dundee and Kirriemuir as impressive increases are posted across several PSPC Perthshire locations
Specific regions within both TSPC and PSPC areas saw significant growth. TSPC locations include Brechin and surrounding areas leading with a notable 10.2% price increase, Kirriemuir witnessing an 8.6% surge, and Broughty Ferry and Barnhill with a 1.7% rise in house prices. Additionally, Dundee recorded a 4.3% increase in house prices.
PSPC locations include Pitlochry and Kenmore with a 6% increase, and Scone with an extraordinary 77% surge in property sales along with a remarkable 42% increase in selling prices. Additionally, Blairgowrie, Alyth, Coupar Angus, Rattray, Newtyle demonstrated an 11.3% rise in property sales and an impressive 18.3% increase in selling prices.
Looking to 2024, Angela Wallace, Centre and Operations Manager of TSPC said: “Ending the fourth quarter on such a notable position of growth in the numbers of sales and increase in selling prices, gives me great confidence for the market in 2024.
“With interest rates stabilising and confidence in the market increasing, I would expect to see a return to a strong Spring market with buyer and seller confidence at a high.
“The economic climate may have an effect on affordability for families and we may see the knock-on effect of this coming through in sales of higher value homes and the need for more moderately priced homes. This, in turn, may see a decrease in the value of higher priced homes and an increase in the value of averaged priced properties. This is a very strong indicator that the property market is being driven by needs, affordability, and lifestyle. I believe we will see a robust 2024 with stability and growth.”