The residential property market in Dundee and Tayside continues to benefit from the regeneration effect. Demand is buoyant across the region, and there is steady price growth in all areas. The market appears unaffected by Brexit and other political uncertainties.
The healthy property market in Tayside has led to fewer properties being offered at a fixed price, and more offers over sales. In some cases, sales are either being agreed quickly or are being sold following a closing date.
Another change from the past few years, is we are seeing a few offers subject to sale being agreed. These are most likely to be accepted when the prospective purchaser is selling a property in a much sought-after location.
Demand continues to outstrip supply in the usual hotspots around Tayside: the West End, Broughty Ferry, Monifieth, and Carnoustie. The turnaround time from when a property is placed on the market for sale until it has been marked as sold has reduced.
Other properties proving popular are former local authority properties, which offer excellent and affordable family accommodation. Several properties of this type have recently attracted numerous notes of interest, and have achieved well in excess of the Home Report valuation at closing dates.
In addition, the change to Land & Building Transaction Tax (LBTT) rates is supporting sub-£400,000 sales as the tax rates payable by the purchaser have been reduced. Looking forward to the next few months, we expect robust demand to persist around Tayside. Regeneration in the area and low interest rates should support all categories of the market, as should the affordability of Dundee compared to cities such as Edinburgh, Stirling and Perth.