House prices in Dundee and Angus post 5% year-on-year fall in June
House prices in Dundee and Angus have fallen by more than 5% — but a local expert insists things are starting to improve again.
- Published in the Courier : 12.07.11
- Published online : 12.07.11 @ 10.12am
Tayside Solicitors Property Centre manager Peter Ryder said, "The average house price in Dundee and Angus stood at £132,542 in the six months to June — down 5.27% on the same period last year.
"However, there has been evidence over the last two months that the market is picking up. So far this year over 900 properties have been sold and June 2011 saw a 12% increase in the number of properties sold compared to June 2010.
"As long as sellers continue to be realistic with their asking price this should continue in the months ahead."
Mr Ryder said the average price of a flat in June slipped from just over £97,000 to £90,124.
But the average price of a detached villa is up slightly to £235,320 from £235,088. The average price of a detached bungalow has also crept up by 0.02% to £191,291.
Mr Ryder said, "The semi-detached houses and flats are the main reason behind the drop and that is because of a lack of first-time buyers."
Mr Ryder said first-time buyers were still finding it difficult to get on the property ladder, with most needing a deposit of 10-15%.
Mr Ryder said, "They are still experiencing difficulties obtaining a mortgage or raising a suitable deposit. The banks are slowly beginning to focus again on this important sector, which should be beneficial for the wider market."
Mr Ryder said house prices in Dundee and Angus reflected the trend across Scotland.
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