TSPC reports improving property market
The Tayside property market is leaving behind the lean period following the credit crunch, it has been claimed.
- By Bruce Robbins
- Published in the Courier : 02.11.10
- Published online : 06.11.10 @ 07.56pm
Figures released by the Tayside Solicitors' Property Centre revealed that the improved performance over the first nine months of the year continued last month.
The number of properties sold and their combined value were both up in October when compared with the same month last year.
However, George Solley, director of property services at Thorntons, warned that activity remained much lower than during the boom years before the crash, and that it could be a long time before it recovers to that level.
He said, "The volume of sales is still far short of what it was and where we would like to see them."
It has been difficult to gauge the condition of property sales in Dundee and Angus this year because of the fluctuating nature of the market and conflicting reports from a variety of house-price monitors. Now, it looks as if there may be some substance to the recovery with total sales up 10.37% over the first three-quarters of this year and their value ahead by 10.78% over the same period.
All categories of houses from flats to detached villas have reflected these increases with the exception of semi-detached villas, which were down on both counts by just over 2.3%.
October's figures have shown a continuation of the nine-monthly improvement. Last month, a total of 218 properties changed hands for a combined value of £27.8m, representing increases of 34.57% and 22.6% respectively on the same month in 2009.
The major contributor was the flats market, with a 91.67% increase in properties sold and an 83.41% increase in overall value.
Mr Solley said the figures were "encouraging."
"What we will have to wait for now is to see how the performance at the turn of the year compares with last year," he said. "I think it will be better but it will be a long time before we get back to the boom years."
Image used under Creative Commons licence courtesy of Flickr user woodleywonderworks.
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