Whereas property prices around the UK and some parts of Scotland have fallen this year, Dundee and wider Tayside are holding their ground.
This is partly because property prices here didn’t experience the same bubbles as in some areas, and partly because Dundee and the wider area continue to feel the benefits of regeneration.
Across Dundee and Tayside, the general trend is that we’re seeing a balanced and relatively predictable market. Homes of all types are tending to sell around their Home Report values, or slightly above it, with fewer homes than last year selling for significantly higher.
One other change this year is that average selling times around Tayside and Dundee have lengthened slightly, due to factors such as mortgage approvals some times taking longer than previously as lenders assess affordability in the face of higher mortgage rates. However, with the right price and good advice on sale tactics, sellers can be confident about putting their home on the market now–whether it’s a flat, a modern home with a garden, or a traditional stone-build with period features.
Tayside’s traditional hotspots, such as Broughty Ferry and Monifieth, continue to thrive, with demand outstripping supply. As a result, some of our properties here have bucked the general market trend and achieved prices well over their Home Report values.
Longer-term, we expect more of the same. With interest rates high, we don’t expect prices to surge, but we also expect demand to continue, supported in part by the growth in Dundee’s tech and cultural sector and openings such as BT’s new state-of the-art building in the city centre