House prices soaring in spite of Brexit concerns

Estate agents feared the market would slow due to instability

House prices in Tayside have risen by an average of 11% in the past year, despite Brexit fears and the possibility of a second Scottish independence referendum causing uncertainty.

While some estate agents feared the Brexit vote would slow the Scottish property market, along with the threat of another Scottish independence poll, properties in the most popular areas, such as Broughty Ferry and the West End of Dundee, have been changing hands within days of going on the market.

Tayside Solicitors Property Centre has also reported robust sales, with a 12% increase in volume and an 11% rise in prices. Its sales show the average price of a home in Dundee, Angus and north Fife has risen by around £14,000 in the past year.

House prices in Tayside have risen by an average of 11% over the past year despite the Brexit vote and a possible second referendum on Scottish independence.

Some estate agents feared the vote to leave the EU could slow the Scottish property market, while the threat of a second Scottish poll could introduce even more uncertainty.

Before the 2014 referendum, house prices fell in the six months preceding the September vote.

Russell Quirk, founder of property website eMoov.co.uk, said the prospect of a second referendum has caused “considerable turmoil” in the housing market. But the picture in Tayside is rosier, with properties in the most popular areas, such as Broughty Ferry and the West End, changing hands within days of going on the market.

Lynne Hill, manager of Tayside Solicitors Property Centre (TSPC) in Whitehall Crescent, Dundee, said first quarter sales revealed a 12% increase in the volume of sales and an average 11% rise in prices.

TSPC markets around 80% of residential properties in Dundee, Angus and north east Fife. Its sales show the average price of a home in Dundee, Angus and north Fife now stands at £148,691, up from £134,191 last year.

Ms Hill said: “Without a shadow of a doubt, this is an opportune time for potential sellers to bring a property on to the market.

“The market is very buoyant and we are frequently seeing properties going under offer within days of the for sale boards going up and particulars going online.

“They are being snapped up swiftly and buyers spotting a home they like are quick off their marks.”

She said high demand for homes in certain areas is pushing up prices.

“There is an air of confidence in the market but a shortage of properties in some areas has certainly been contributing to the price movement we have been detecting over recent months.

“At the TSP, we have seen 525 sales totalling more than £78 million since the turn of the year. Average house prices are up across all sectors.

“One property, in Broughty Ferry, came on the market recently and we learned an offer was made within hours of it going live on our website. West End properties are also selling very quickly.

“Strong demand for properties in popular areas is being reflected in the prices being released and our stats show sales are holding up well against last year, despite diminished stock.”

According to HM Land Registry’s House Price Index, published yesterday, the average house prices in Dundee city rose by 3.5% to £118,022 between February 2016 to February 2017.

Over the same period, house prices in Perth and Kinross rose by 0.3% to £173,639 and in Angus by 6% to £145,063.

In Fife, house prices rose by 4.3% to £126,748.