Tayside Property Market Report: Q2 2024

Welcome to the Tayside Property Market Report for the second quarter of 2024. This period has brought significant developments to the region’s housing market, marked by shifting trends in property prices, sales volumes, and buyer behaviour. From April to June, the Tayside property market experienced both challenges and growth, with increased property listings and a notable rise in completed sales. This report delves into the key data and insights from Q2 2024, providing a comprehensive overview of the current market landscape in Tayside.

Overview

The Tayside property market witnessed notable shifts during the second quarter of 2024, reflecting both an evolving market landscape and changing buyer dynamics. From April to June, the average selling price of homes in Tayside stood at £178,449. This is a 1.8% annual decrease but a significant 7.7% increase from the first quarter of 2024.

Pricing trends and valuations

In Q2 2024, buyers paid an average of 100.8% of the Home Report valuation. This figure represents a slight year-on-year decrease of 1 percentage point but a 0.6 percentage point increase from Q1 of 2024. This fluctuation indicates a moderate buyer’s market, where increased property stock provides buyers with more negotiating power.

The proportion of properties achieving their Home Report Value or higher was 73%, down 3.9% annually but up 14.1% from the previous quarter. The trend reveals a shift towards more realistic pricing and expectations, with sellers adjusting to the increased competition.

Market activity and dynamics

The second quarter of 2024 saw a significant rise in market activity. The total volume of property sales completed was 525, a 17.4% increase year-on-year and a 22.7% rise from Q1 2024. The total value of properties sold amounted to £92,615,320, illustrating robust market activity.

Properties going under offer surged, with 657 transactions recorded, marking a 29.1% annual increase and a 31.7% rise compared to the first quarter. The total value of properties marked as under offer was £114,113,443, highlighting growing buyer interest and confidence in the Tayside market.

Time on market

Properties took a median of 26 days to go under offer in Q2 2024, which is 10 days longer than the same period in 2023 but 9 days quicker than Q1 2024. This indicates a more deliberate approach by buyers, who are taking advantage of increased stock to carefully consider their options.

Listing and sales hotspots

Property listing hot spots:

• Dundee Including Invergowrie – up 36.4% year on year
• Forfar, Letham, Tannadice, Kingsmuir, Guthrie – up 33.9% year on year
• Newport, Tayport, Wormit, Gauldry, Balmerino – up 36.4% year on year
• Overall, listings on TSPC increased 13.8% year-on-year

Property sales hot spots:

• Brechin, Edzell, Stracathro, Trinity – up 61.5% year on year
• Broughty Ferry & Barnhill – up 50% year on year
• Carnoustie, Grange of Barry, Panbride, Easthaven – up 43.5% year on year
• Dundee Including Invergowrie – up 12.1% year on year
• Monifieth – up 123.1% year on year
• Newport, Tayport, Wormit, Gauldry, Balmerino – up 61.5% year on year

Market trends and future outlook

The increased property stock in Tayside has provided buyers with more options, leading to a drop in the number of properties with a closing date set—down to 8.8%, reflecting a decrease of 3.7 percentage points annually and 0.5 percentage points from Q1 2024. This trend signifies a less frenzied market environment compared to previous years.

The market’s dynamics are shifting towards a more balanced state, where buyers and sellers are engaging on more equal footing. This is evidenced by the slight drop in the average percentage achieved over Home Report Valuation and the median time for properties to sell.

Conclusion

While average selling prices have seen a slight annual decline, the significant quarterly increase points to a recovering market. Increased property listings and sales volumes indicate robust activity, albeit in a more competitive environment. As buyers take their time to make decisions, the market continues to adapt, paving the way for a potentially stable and sustainable growth trajectory in the coming months.

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