Following the recent report published by Registers of Scotland, George Solley, Director of Property Sales at Thorntons, gives an overview on the current state of the market in the Tayside area.
He said: "Report on activities in the Scottish market is seen as indicative of the trends in our local markets, as evidenced in our branch returns on the properties going under offer in the last quarter of 2011.
"The average price of property placed "under offer" at our Dundee branch in the last quarter of 2011 is higher than figures reported relating to completed sales by The Registers of Scotland. A larger percentage of sales in the middle section of the market contributes to this. An average price in excess of £154,000 on properties going under offer will reflect in the average sale prices reported when these sales complete in early 2012.
"Across in Perth, our branch is achieving an even higher average price with improved activity in the high to middle of the market evident in the under offer returns for 2011. The average price involved in the mix has risen to over £181,000.
"In Angus, the average house price quoted in the Register of Scotland for the last quarter is shown as up on 2010 by 1.5%. They advise of an average house price for the quarter at £146,037. Again, our branch returns show an increasing trend on that figure based on under offer returns.
"Mortgage lending forecasts suggest a continuation of this trend through 2012. For those with property to sell in the middle market it suggests there is a better time ahead over the next 12 months.
"Our branches are seeing some upturn in activity for quality homes in the relative price brackets. However, until some significant assistance for first and second time buyers is introduced to assist them in acquiring mortgages, we are unlikely to see any dramatic movement in prices, or volumes of property sold across the market. Unfortunately, whilst there have been some recent added facilities evident for those buyer type, funds are more selectively available to others "
February 2012
Issued by Beattie Communications on behalf of Thorntons Solicitors.
Contact: Jennifer Black, Tel 01698 787878