The manager of Tayside Solicitors Property Centre (TSPC) said a surge in property listings shows confidence is returning to the market.
TSPC listings increased by 41% last month when compared to April last year.
The property market has gone through an unsettling time since Chancellor Kwasi Kwarteng’s disastrous mini budget in September 2022 sent mortgage rates spiralling.
The Bank of England then raised its base rate on almost a monthly basis to reach 5.25% in August.
However, with no further changes to the base rate – with cuts expected later this year – and mortgage rates down from its highest point, has encouraged market activity in Tayside.
Average selling price rise
TSPC said year-on-year Dundee listings were up 78%, Carnoustie listings were up 50% and Forfar listings increasing by 42%.
In April the average selling price for properties marketed by TSPC was up 3.4% compared to last year to £134,810.
Sale price compared to home report value increased from 100.1% to 100.6% in the past 12 months.
Angela Wallace, TSPC centre and operations manager, said: “The increase in property listings signals a return of confidence to the housing market.
“Several factors contribute to this shift. First, mortgage rates have shown signs of stabilising and even slightly decreasing. This makes home buying more accessible for many including first time buyers.
“This stabilisation may be encouraging homeowners who were previously hesitant to sell to finally list their properties.
“Additionally, there’s growing impatience among those who have been waiting for the right moment to move.
“This pent-up demand is now translating into a higher volume of listings.
“Furthermore, there’s a noticeable trend of landlords exiting the rental market, which is adding to the supply of available properties.
“Faced with increasing regulations and changing economic conditions, many landlords are choosing to sell rather than continue renting out their properties.
“Overall, the current rise in property listings reflects a more dynamic and responsive market, as both sellers and buyers adjust to evolving financial and economic landscapes.”
TSPC website upgrade
In April, TSPC listed 254 properties compared to 180 in April 2023.
Angela said a new TSPC website will have a host of new functions.
This will include a better search facility and a website that’s able to accept voice commands.
“Intelligent search will walk the user through a series of questions before using this data alongside the users ‘liked’ properties to suggest further properties that would be a fit for them,” she said.
Lindsay Darroch, TSPC board member and partner at Gilson Gray, said: “These jumps in property listings demonstrate Tayside is booming.
“It’s a vibrant place which draws in new residents while also encouraging those already here to stay and move within the area.”
A striking £575,000 villa near Dundee was TSPC’s most viewed home for sale in April.
Conversation