Dundee House Price Survey Challenged

August 16th 2002

A national survey which claimed average house prices in Dundee had risen by just 2.8% in the past year has "grossly underestimated" the current housing boom in the City of Discovery, property specialists Thorntons WS claimed today.

A new report by Lloyds TSB Scotland published today claims that Dundee showed the smallest rise in average house prices in 2001/2002 and remains the cheapest place in Scotland to buy a house.

Law firm Thorntons however were quick to challenge the survey results which they say give a highly misleading impression of the city's economic strength.

Thorntons' own figures show the price of up-market properties in Dundee have risen by an average of 20% in the past year with mid-range houses up 10 to 15%.

In March 2002, the firm sold £7.74 million worth of residential property in Dundee with sales rising to £9.08 million in April 2002 - more than double the sales total for the same period last year.

George Solley, Thorntons Director of Property Sales, said : "This survey gives a very misleading picture of the housing market in Dundee and has grossly underestimated the growth in sales and average prices.

"In our experience the housing market in Dundee has never been busier or more buoyant.

"Properties are selling well in most sectors of the market, with particular demand for new homes, quality flats, mid range properties of all types and larger properties, modern and traditional, at the top end of the market.

"March was a record month for us in terms of the total number of properties sold - 115 in Dundee branch alone - and in April we broke through the £9 million sales barrier , another record.

"There is no doubt that the average value of properties in Dundee has also increased substantially over the past year.

"At the top end of the market prices are up by about 20% while in mid-range housing you can expect to pay 10 to 15% more than you would have done this time last year.

"In popular areas of Dundee, some of the prices are going through the roof and many properties are selling well ahead of asking price and valuation.

"We are aware of selected properties which were on the market as recently as two years ago re- selling now for 30% more than their 2000 valuations.

"At present, we see no sign of a let up in this trend and no indication of any slump or downturn - despite what some recent reports have suggested."

Issued by Beattie Communications on behalf of Thorntons Solicitors.
Contact: Kimberley Hamilton, Tel 01698 787878