The booming Tayside property market shows no signs of slowing down this year, according to a local estate agent.
Dundee law firm RBS Lindsays achieved record sales of almost £40 million between August and November.
Despite concerns surrounding the national economy generally, the estate agent remains upbeat that there will be no significant change on the positive trends seen in the second half of 2020.
Positive long-term outlook for Dundee
Angela Morrison, a residential property partner at RSB Lindsays, said: “Interest remains strong for all types of homes and we are seeing no signs of that slowing.
“The longer-term outlook for Dundee is positive given the major investment that’s going on in and around the city. That’s reflected in the housing market.”
The firm agreed sales of £37.8m in the four month period compared to £21.8m for the same months in 2019.
The number of sales agreements made were up 36% year-on-year.
The number of valuations carried out in Tayside rose by a quarter across the same timeframe, signalling strong interest in the market.
Record business for Lindsays
Across the wider Lindsays estate agency business, which also operates in Edinburgh, the total value of the firm’s sales was almost £100m.
August was the busiest month in both Edinburgh and Dundee, with sales up by two-thirds on 2019 as the market bounced back strongly following the relaxation of Covid-19 restrictions on the property industry in June.
‘Astonishing’ property boom in Tayside and Fife with some homes selling for £40,000 over valuation
Ms Morrison added: “The numbers are quite remarkable. The period from the market effectively reopening in June through to the Christmas break has been our busiest on record across our business.
“While demand has settled slightly, activity across the market remains high, with positives for buyers and sellers.”
Doubts over property market in 2021
Last week Nationwide reported that house prices in the UK had risen by 7.3% last year. Scotland’s rate was lower than the UK average at 3.2%.
Halifax, Britain’s biggest mortgage lender, predicted the fallout from Covid-19 would catch up with the property market in 2021.
It is forecasting a fall in house prices of between 2% and 5% this year.
