DUNDEE IS still a good place to invest in property, if buyers follow the basic rules, one of the city’s leading agents said yesterday.

George Solley, director of property services at Thorntons, said that while it is very much a buyers’ market at present, sellers need not necessarily lose out.

No one in the market now can expect 2007 prices. But as Dundee still has catching up to do with national property values, there will be upward adjustment in the longer term, Mr Solley said.

“I think all of this need not be doom and gloom, with the assumption that you cannot get a mortgage and the assumption that your house will not sell.

“There are mortgages available and people should speak to an independent mortgage adviser. If you have a mortgage in place it will put you in a strong position to take advantage of the market.

“For sellers, don’t presume your house will not sell. Get someone out to give you a valuation and then be realistic. Volume of sales is down significantly but this is not a price issue. If a house is competitively priced it puts the seller in a better position.

“While a seller may have to take a hit of a few thousand on what they might have expected some time ago, once they have sold they will be in a strong position in the market.”

Mr Solley said many of the factors that have always driven house sales are still in place, with buyers coming from those moving because of work and those looking for more space.

The increase in properties for sale at a fixed price is a reflection of a realistic attitude by sellers, he added.

“They want to know how much they are going to have and cut down on uncertainty. In some cases the fixed price might be higher than a similar property on the market at ‘offers over’ but the advantage is time saved for both sides if a contract is concluded.

“In the present climate nobody is going to bid 20% or 25% above the asking price to secure property, so buyer and seller know what to expect and do not have to wait for a bidding process and closing date.

“That is not to say that some properties will not still attract multiple bids and even with a fixed price, there can still be a private arrangement to secure the purchase.

“The advice to the seller is that price should not be the only consideration in the current climate. A buyer has an advantage if they can show they have a mortgage and funds available.

“Buyer and seller should do their homework, more so than ever before. Good buyers are at a premium so get all the facts and figures.

“Buyers should make sure they have their mortgage and can act quickly once they have decided,” said Mr Solley, who added that the benefit of a buyers’ market is that the purchaser often has more time to shop around and choose.

Asked how long he thought the current conditions would persist, Mr Solley said it was impossible to answer.

“Issues affecting the Dundee market are issues affecting the UK market. We are all at the mercy of the banks and the economy as a whole.

“Until they are addressed we will have the problem— the remainder of this year, into next year. What the impact will be no one can say.”