Thorntons taking the long view after Lloyds TSB survey shows depressed property market
Buying a house in Dundee is a "good longer-term investment" despite a national fall in prices, a housing expert has insisted.
- Published in the Courier : 24.08.11
- Published online : 27.08.11 @ 09.34am
George Solley, sales director at Thorntons property services, spoke in the wake of a survey by Lloyds TSB that showed a 3.7% drop in the average price paid for a house in Scotland in the last three months.
The bank said prices were now down almost to where they were in early 2007 and the number of sales remained at half their pre-recession level, although they were up on the low seen over the winter.
Mr Solley said Thorntons had seen a change in the mix of houses sold in Dundee over the last four years.
"The reduced number of units involved can create quite dramatic variations on a monthly or quarterly basis," he said. "If we look at the change in mix of properties involved over the period concerned, we see new-build sales at a much lower level."
The average price of a house sold through Thorntons in 2007 was £165,000 and that has fallen to £147,000.
Mr Solley said: "This is not due to a reduction in individual house prices, however. In 2007, Thorntons had larger number of new-build sales in their mix, where average prices were in excess of £200,000.
"Dundee has been identified as a good longer-term investment for those looking for property to buy.
"With two universities and Ninewells Hospital, we have a steady demand for housing in the city, as shown in last week's report on house prices in the university cities in the UK where Dundee was placed third."
Mr Solley said Dundee's success during the more buoyant years of the property market had to be taken into consideration when drawing comparison with the Lloyds TSB figures.
The bank said the average house price in Scotland over the last quarter was £152,565.
11.33am - 27.08.2011 Des. Perateseller - Dundee, Scotland Report This
George Solley's comments are as optimistic as the passenger on the Titanic who commented "I think we are just stopping to take on some ice" Of course he is right. History tells us property does generally rise in value given time but that doesn't comfort those trying to sell now.
08.45am - 28.08.2011 William Robinson - Dundee, Scotland Report This
Mr Solley is talking nonsense by saying Dundee house prices have dropped due to there being less new-build homes. Individual houses are fetching much less than they were a few years ago. He's clearly trying to put a positive spin on these figures to coerce folk into buying Dundee properties.
10.28am - 28.08.2011 spud - leith, uk Report This
more hand wringing about falling house prices. This is actually good....perhaps youngsters now have a better chance of getting started on the property ladder. Rising house prices were always going to be unsustainable- where will the huge deposits required come from in these difficult times?
01.41am - 29.08.2011 Paul W. - Dundee, U.K. Report This
Today's negative equity is tomorrow's profit. For this supposedly desperate to sell, ha g on in there. If you must move, the newer is simple: rent.
09.53am - 30.08.2011 Marion Spalding - Dundee, Scotland Report This
about time prices fell, hope they fall further. too many people in this country bought into the idea that houses were an easy way to make money. houses are for living in not making a profit from. we should have real investment into building decent affordable homes for all.
12.52am - 03.09.2011 spud - leith, uk Report This
exactly, Marion!!
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