THE TAYSIDE area property market continues to buck the national trend.
Figures released yesterday by the Tayside Solicitors Property Centre reveal that sales at the half-way stage of the year have jumped by 17 per cent in the Dundee, Angus and north-east Fife area.
Peter Ryder, manager at the Whitehall Crescent solicitors’ flagship, reported that by the end of June, 1,059 sales had been confirmed by member legal firms, compared to 903 at the same period last year.
He said: “We have also seen registrations at the TSPC rise by 8.45 per cent. Last summer we had 1,881 homes on the books and now members are marketing 2,040, with clients being encouraged by the positive pattern of sales this year. It is another sign of confidence returning to the market locally.”
The price of the average house changing hands in Dundee, Angus and north-east Fife now comes in at £143,123 – a rise of 7.98 per cent on the figure of £132,542 reported in June, 2011.
Peter noted: “There’s no doubt that more properties are selling in the mid-range compared to the first-time buyer sector. This has influenced the increases being reported in the average house price.
“More properties are selling as sellers are now being more realistic and accepting offers around valuation. It’s interesting that valuations have not increased and are very similar to last year.”
Breaking down the individual sectors, the TSPC manager noted that sales of detached villas had leapt 26.3 per cent with semi-detached villas changing hands up 30.7 per cent.
Sales of detached bungalows are 3.5 per cent ahead while demand for semi- detached bungalows triggered a rise in volume approaching 43 per cent, underlining the strong performance in the mid market.
The average flat price edged ahead by nearly 3 per cent, but Peter said that first-time buyers were still keen to enjoy easier access to vital mortgage funding to secure a step on the property ladder, rather than relying on the rental sector.
He added: “At the top end of the market homes are taking longer to sell but they are moving if the price being sought is realistic.”