Post-lockdown property prices across Tayside and Fife are surging as restrictions ease.
The average price of a home in Dundee, Angus and north Fife has jumped by 6.2% since summer 2019, according to the Tayside Solicitors Property Centre.
Surge in house prices
Lynne Hill, manager at the centre in Dundee’s Whitehall Crescent, revealed the average price tag is now £168,482, compared with £158,632 before the pandemic struck.
She said demand for properties has surged in recent months, with no indication of slowing down.
“Given the impact of the pandemic on the homes market during lockdown last year, the 2019 figures are more relevant than those of last summer,” said Lynn.
“The demand for properties surged in the months immediately after lockdown was lifted and it has continued this year.”
Increased demand for properties
She added: “Sales charted at the centre over the first half of 2021 totalled 1,413.
“That’s up 20.3% on the mid-way point of 2019.
“Initially the surge could be marked down to pent-up demand but the trend has continued.
“Many homes have been changing hands for well in excess of the home report valuation.
“Properties with gardens and with a room offering scope for home working have proved particularly popular, reflecting changing employment patterns.”
Lynne added the average price for a detached villa currently stands at £291,757.
That represents an increase of more than 6% over the last two years.
“The number of properties sold in this sector of the local market has jumped 16.2%,” Lynne added.
It comes just days after reports that house prices in East Fife had leaped a remarkable 26% in just a year.
Meanwhile, flat prices have also increased but at a lesser rate.
“The average flat is now £107,488. That figure has edged ahead by a more modest 2% over the last two years,” said Lynn.
“But the volume of sales has leapt by 27.6% over the same period.”
Despite the price increases, it’s not all bad news for buyers.
A study by Halifax found that houses in Dundee and Perth were in the top 10 most affordable of any city in the UK.