TSPC House Price Report: January - March 2024

04 April 2024

The latest TSPC House Price Report for the period of January to March 2024 offers valuable insights into the property market across Dundee, Angus, and North Fife. In this report, we delve into the key trends and statistics that paint a picture of the current property landscape.

Property market data: Key points

• During January-March 2024, the average selling price of homes in Tayside was £165,672, a 5.5% annual decrease.
• Buyers paid 100.2% of the Home Report valuation on average.
• 64.3% of homes sold achieved their Home Report valuation or higher.
• Properties took a median time of 35 days to go under offer in the first quarter of 2024, two days slower than the first quarter of 2023.
• 9.3% of sales went to a closing date, this is 2.2% more than the same period in 2023.
• Property listings increased by 7.1% annually, coupled with an 11.5% rise in sales.

What were property prices like in quarter one of 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.

Broughty Ferry and Barnhill emerged as the most expensive areas to purchase property, with an average price of £281,642. Conversely, Dundee, including Invergowrie, stood as the most affordable option, with homes averaging at £141,366.

Forfar stood out as the only area experiencing an increase in average selling prices, with a 4.2% annual rise, resulting in an average home price of £172,350.

Monifieth, among all areas in Tayside, observed the steepest annual decline of 11.5%, leading to an average property price of £202,330.

How much of the Home Report valuation did buyers pay?

Throughout January-March 2024, properties in Dundee, Angus, and North Fife were typically sold closer to their Home Report valuations. On average, buyers paid 100.2% of the valuation figure, representing a 0.7 percentage point decrease from the previous year.

With the exception of Forfar, all areas saw a decline in the amount paid over the Home Report valuation. The most impacted region was Brechin and its surroundings, where buyers bid 4.9 percentage points less than the previous year.

Broughty Ferry and Barnhill remained top contenders, with buyers paying 103.2% of the Home Report valuation for properties in these areas. Conversely, Carnoustie and surrounding areas offered the most favourable deals, with properties achieving an average of 100.03% of their valuation figure.

In Dundee, properties achieved 101.05% of their valuation on average.

Overall, 64.3% of properties sold for at least their Home Report valuation, marking a decrease from 71.9% the prior year. The increased supply of properties has led to reduced competition in the market, influencing buyers' willingness to offer premiums to secure a property.

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 were property sales like in quarter one?

In the first quarter of 2024, property 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.

How many properties came onto the market during January-March 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.

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.

“The attention garnered by neighbourhoods like Broughty Ferry and Barnhill is unsurprising, with buyers willing to pay 103.2% of the Home Report valuation for properties in these areas.

“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.”