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Strong Finish to 2016 after initial Brexit worries

AVERAGE property prices across Tayside were treading water over the course of 2016.

But demand at the upper end of the spectrum saw figures fetched for detached villas spiralling.

Unveiling annual statistics compiled by the Tayside Solicitors Property Centre, manager Lynne Hill observed that the market bounced back from a sluggish first quarter to finish the year strongly.

Seasoned observers of the property market suspect uncertainty created in the build-up to the Referendum in June, and the immediate aftermath, had an adverse impact on the local market.

But Lynne noted that a strong third quarter performance suggested the tide had turned.

“After a period of initial anxiety in the wake of the Brexit vote the Tayside market is showing a greater level of confidence going into the New Year, with many buyers on the lookout for good quality properties,” she said.

“That, allied to the surprisingly mild winter weather we have experienced so far means potential sellers should be grasping the nettle and pressing ahead with plans to bring properties to the market sooner rather than later.”

Sales totalling more than £397 million were reported by the Dundee Centre’s legal firms over the course of the year, with the average price for 2016 coming in at £145,595, representing a slip of 0.6% year on year.

Lynne said: “While there was little change in the average price overall, the picture was very different at the top end of the market, where the price of the average detached villa, coming in at £256,541, jumped 5% compared with the previous year.

“With demand strong, the Centre saw 1317 villas change hands in 2016, with a total value of over £231 million.”

In the flats sector, a disappointing first quarter impacted on the overall performance for the year.

While four out of every five property sales across the area are handled by member legal firms, the Whitehall Crescent Centre reported a dip in the number of flats being brought to the market compared with a hectic 2015.

Lynne said: “Again, a slow first quarter put the brakes on the flats market and while nearly 1000 were sold over the course of the year the average price slipped 3% to £94,159. Concerns prompted by the Referendum may well have played a part in this.

“Drilling down into the full annual stats compiled by our members, the market clearly picked up and finished strongly, with November alone seeing an almost 20% leap in the number of registrations at the Centre.

“We saw 626 homes brought to the market during October, November and December, up 7% on the corresponding period for 2015, which bodes well for the year ahead.”


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Solicitors Property Centres:EdinburghGlasgowAberdeenTaysideDumfries & GallowayHighlandPerthshireFife & KinrossBorders