Tayside’s property market has enjoyed a bumper year with strong demand pushing up sales by around 10%, it has been revealed.
The annual statistics compiled by the Dundee-based Tayside Solicitors Property Centre (TSPC) reveal homes with a total value of nearly £440 million changed hands in the region during 2017.
Lynne Hill, manager at the Whitehall Crescent centre, reported the average house price had advanced 6.5% year on year, now coming in around the £155,000 mark.
“The property market in Dundee, Angus and north Fife is in good health as we enter 2018,” she said.
“Over the last quarter, the TSPC noted sales up by 15% and we are hopeful that the trend will continue in the months ahead.
“Certainly the early indications are promising. Across the region we are still seeing closing dates from our member firms and many properties are going under offer quickly.”
The TSPC and member law firms handled the sale of 2,829 properties over the past 12 months, a rise of 3.6% on 2016.
While the price of the average villa slipped by nearly 0.5% year on year, strong demand in the sector saw sales rise 10%.
A total of 419 detached villas were sold, with the average price now £255,444.
With nearly 1000 sold, the price of an average flat came in at £103,533 – a rise of nearly 10%.
Meanwhile, demand for detached bungalows pushed the average price in the sector up by 10% to average £211,091.
Ms Hill said there had been a “very strong performance” throughout 2018, with the average price of a property in the region moving upwards in each of the quarterly segments.
“Overall, the TSPC handled the sale of properties worth £438,478,577,” she said.
“The trend was also very positive in terms of numbers coming into the market and being sold.
“While there was a brief lull over the summer, the market finished the year on a high with 867 homes changing hands over the closing three month period.”
Ms Hill added: “Sales of semi-detached properties were also robust over the course of the year.
“The price paid for the average semi-detached villa was up 4.3% at more than £148,000 while the average semi-detached bungalow moved ahead by 4.5% at nearly £146,000.”