Thorntons Property Services, Tayside’s largest estate agency, has today refuted reports that property prices in Dundee have fallen in 2007 and is predicting another great year for the local housing market.
A survey by a national bank published today claims that the city’s average house price has fallen by 2.7% in the last three months, but Thorntons has seen its sales for January alone outstrip the same period of last year, rising from £6m to £10m.
Sales of new Build properties in particular, where “like for like” properties are involved show an increasing trend in sale prices. Since the turn of the year we have seen prices of houses on developments we are selling rising as a result of demand. On 2 developments in central locations we have seen house styles which were sold in the last two months at £199,950 and £189,950 available now and having sold at £204,950 and £196,950 respectively. Other examples are available to substantiate these trends.
And the firm says 2007 could yet prove to be an even better year for property prices after seeing its total sales increase by more than 50 per cent in Dundee alone in 2006.
Last year also saw a significant rise in the average house price sold by the Dundee branch, which rose from £115,000 in 2005 to £142,000 just 12 months later.
George Solley, Thorntons’ director of property sales, said: “Contrary to recent reports, nothing which is happening in the early part of 2007 points towards any drop in the market – indeed quite the opposite. Only five weeks into 2007 records set in 2006 are being broken!”
Record results for Thorntons’ Dundee branch in 2006 showed a huge increase of 57% in the total value of property sales compared with 2005. Good growth has also been recorded at the agents’ Arbroath, Forfar and Perth offices.
The Dundee office smashed its 2005 record of £100m sales, with a total of £160m worth of property sales in 2006.
Mr Solley added: “The availability of high-value property at the top end of the market in the new build sector has pulled up the average house price in the city and surrounding area. The value of starter homes at the lower priced end of the market, which traditionally reduced the average price for houses in Dundee is also going up dramatically as these buyers struggle to compete in the middle market where the supply of traditional semi-detached homes is far exceeded by demand.”
With up to 500 homes on its books at any one time, Thorntons Property Services’ network of branches in Dundee, Arbroath, Forfar and Perth boasts local expertise and markets properties ranging from large family homes to starter flats.
Thorntons Property Services is part of Thorntons Solicitors. Established in Dundee 150 years ago, Thorntons Solicitors has 30 partners and employs almost 350 staff across its network of offices in Dundee, Perth, Arbroath, Forfar and Edinburgh advising on all aspects of the law, both commercial and personal..
Issued by Beattie Communications on behalf of Thorntons Solicitors.
Contact: Kimberley Hamilton, Tel 01698 787878