TSPC House Price Report: January – March 2024
The TSPC House Price Report for January to March offers valuable insights into the Q1 2024 property market across Dundee, Angus, and North Fife. This report delves into key trends and statistics that paint a comprehensive picture of the current property landscape.
Property market data: Key points
- Average selling price: The average selling price of homes in Tayside was £165,672, a 5.5% annual decrease.
- Home Report valuation: Buyers paid 100.2% of the Home Report valuation on average.
- Valuation achieved: 64.3% of homes sold achieved their Home Report valuation or higher.
- Median selling time: Properties took a median time of 35 days to go under offer, two days slower than the first quarter of 2023.
- Closing dates: 9.3% of sales went to a closing date, 2.2% more than the same period in 2023.
- Property listings and sales: Property listings increased by 7.1% annually, coupled with an 11.5% rise in sales.
Property sales in Q1 2024
In Q1 of the 2024 property market, sales volumes across Dundee, Angus, and North Fife experienced a notable year-on-year increase of 11.5%. Dundee, inclusive of Invergowrie, led in property sales volumes, marking a substantial increase of 14.5% year-on-year across the city.
Property listings in Q1 2024
Dundee including Invergowrie had the highest number of properties coming onto the market, and this was up 10.5% on the same time last year, indicating a shift from homeowners in this area.
Broughty Ferry and Barnhill were the second most popular locations for new listings with an 11.1% increase year-on-year.
Property Prices in Q1 2024
The average property selling price across Dundee, Angus, and North Fife witnessed a notable annual decline of 5.5%, with the average selling price falling to £165,672 between January and March 2024.
- Most expensive areas: Broughty Ferry and Barnhill, with an average price of £281,642.
- Most affordable areas: Dundee, including Invergowrie, with homes averaging at £141,366.
- Price increase: Forfar was the only area experiencing an increase in average selling prices, with a 4.2% annual rise, resulting in an average selling price of £172,350.
- Steepest decline: Monifieth observed the steepest annual decline of 11.5%, leading to an average property selling price of £202,330.
How much of the Home Report valuation did buyers pay?
During Q1 of 2024, properties in Dundee, Angus, and North Fife were typically sold close to their Home Report valuations. Buyers paid 100.2% of the valuation figure on average, representing a 0.7 percentage point decrease from the previous year.
- Highest Valuations: Broughty Ferry and Barnhill, with buyers paying 103.2% of the Home Report valuation.
- Best Deals: Carnoustie and surrounding areas, with properties achieving an average of 100.03% of their valuation figure.
- Dundee Average: Properties achieved 101.05% of their valuation on average.
Overall, 64.3% of properties sold for at least their Home Report valuation, down from 71.9% the previous year. The increased supply of properties has led to reduced competition, influencing buyers’ willingness to offer premiums.
How long did properties take to go under offer?
The market was gentler in the opening three months of 2024, with properties taking a median time of 35 days to sell – two days slower than the same time last year. This slowdown in selling times can largely be attributed to the influx of properties entering the market, relieving buyers of the pressure to act swiftly.
9.3% of properties had a closing date set, representing a slight increase from 9.1% in January-March 2023. This indicates that although there are more options available, competition still persists in the market.
What does it mean for the local property market?
Angela Wallace, Centre and Operations Manager of TSPC, said: “The first quarter of 2024 presents a market that favours buyers, offering ample options, reduced pressure to pay high premiums, and longer selling times. This environment offers house hunters the opportunity to thoroughly explore and find their ideal home. There is plenty of interest and activity among property buyers, but with more properties on the market it allows for a calmer approach for those in a position to purchase.
“For homeowners contemplating selling, now is an encouraging time to do so. Sellers aiming to transition to a new property can also benefit from the current market conditions. We recommend working closely with a TSPC solicitor estate agent to establish the correct pricing strategy, to help your home stand out in a busy market.
“If you’re thinking of buying or selling a property in Dundee, Angus or North Fife, contact your local TSPC solicitor estate agent today.”
