House prices fall in Dundee, despite small boom across Courier country
Average house prices in Dundee have fallen again despite other parts of Courier territory enjoying a small boom.
- By Craig McManamon
- Published in the Courier : 29.07.11
- Published online : 30.07.11 @ 05.30pm
Latest monthly figures released by the Registers of Scotland (RoS) reveal the city suffered a 3.8% tumble in June, bringing the average property price down to £124,247.
The result stands in stark contrast to neighbouring areas.
Perth and Kinross recorded the highest average price increase of 10.5% (£183,555) and also saw sales jump by 47% over the same period.
Elsewhere, Fife and Angus enjoyed small increases of 0.3% and 0.9% respectively.
The average house price in Angus is now £139,607 and in Fife £130,186.
Despite Dundee lagging behind, Peter Ryder of the Tayside Solicitors Property Centre said it was not all bad news for the city.
He felt local sellers would begin to see house prices rise again over the first quarter of next year.
'Period of stability'
Mr Ryder said, "One of the reasons is due to there being a number of flats sold over that brief period.
"About 36 flats were sold, which would bring the average price down slightly — prices of flats decreased somewhat anyway."
Mr Ryder expects prices to pick up soon and is already seeing strong signs that this is happening.
He said, "Our June sales figures are up 12% and we expect July to be the same.
"We are seeing a period of stability."
He added, "The sales are beginning to come through. It's a slow growth which is probably not a bad thing considering.
"The average house price is stable at present but we expect that to go up early next year.
"For the rest of this year we believe house prices will remain around the same level."
£5m property tops list
Meanwhile, the RoS has also revealed that Dundee's most expensive property purchase in the last five years took place in 2007 when £1,250,000 was spent on 53 Seafield Road in Broughty Ferry.
The stone-built property, bought shortly before the credit crunch took hold, belongs to Redwood House Care Home and is within the protected conservation area.
Broughty Ferry is one of the most sought after locations, with properties often going at a premium.
But those who decide to part with their cash to live there could also be making a savvy investment, with seven of the city's top 10 properties — based on price — in the DD5 postcode area, according to RoS.
Dundee's most expensive house prices still appear to be some way off other parts of the country, with the city failing to enter the national top 10 — falling short by nearly £2 million.
Of Scotland's top 10 properties, six are in Edinburgh and two are in Auchterarder, with one apiece for Longniddry and St Andrews.
The most expensive property on the list was bought for £5 million, with the number 10 slot costing the new owners £3.1 million.
The RoS is the official government land register and the only body to record all property sales in Scotland.
Photo used under Creative Commons licence courtesy of Flickr user wwworks.
06.54pm - 30.07.2011 Traspasser - Dundee, UK Report This
LOL, this City offers NO real-quality housing at all. Compared to houses I've seen in Poland and Germany this looks like a banana republic. Take a walk in the centre and see the old windows here and there. How can you expect anybody with a brain to buy these run-down 'houses'.
01.55pm - 31.07.2011 1st time buyer - dundee, United Kingdom Report This
as a 1st time buyer i dont want house prices to go up, houses should be bought as a home not as an investment. All these people who bought houses and now are selling them for 10, 20 times what they paid, imo, are screwing the younger generation. surveyors have a lot to answer for.
11.14pm - 31.07.2011 spud - leith, uk Report This
"surveyors have a lot to answer for"....................no, the babyboomers do! Bought their council house for peanuts, sold it for a mint and think they can make the same profit by selling their posh new house. Wrong. They are only screwing their own kids and grandkids: HOMES, not PROFITS!
07.47am - 01.08.2011 Invester - Dundee, Scotland Report This
Hang in there buyers as prices are about to plummet 20%. That adjustment should be enough to put confidence back into the vastly overpriced housing market
09.27am - 01.08.2011 Plod - Broughty Ferry, Scotland Report This
Aye right! Well here is a response from a "baby boomer". My wife and myself had to save hard and do without to save for a deposit, something that first time buyers are not prepared to do these days - what did we have to do without - foreign holidays, cars and eating out -try it you might be able to
07.25pm - 01.08.2011 Calum - Dundee, UK Report This
@Trespasser Lol, Compared with where? Go to that supposedly fine town Perth, have a look round, and report back.
11.32pm - 13.08.2011 spud - leith, uk Report This
PLOD: check out the reality here-http://www.thecourier.co.uk/News/Perthshire/article/16363/reasons-to-be-cheerful-about-perthshire-house-prices.html and comments. My tax will pay your pension! While I can't afford a mortgage.
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