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Positive Forecast for 2025 Property Market

Whether buying or selling, the Tayside property market is on course for a positive year ahead, according to local property experts.

As part of a 2024 ‘round-up’, Tayside Solicitors Property Centre reported an ‘exceptionally positive’ end to the year.

During the last quarter of 2024 (October to December), the average selling price across Dundee, Angus, and North Fife increased by a staggering 10.6% to £183,272, compared to the first quarter (January to March).

Meanwhile, the average time to sell reduced to 28 days, seven days faster than during the first quarter.   The average ‘percentage over Home Report’ value also rose, as did the percentage of properties sold with a Closing Date.  Overall, there was a 21.5% increase in properties sold in the fourth quarter compared to the first, reflecting growing buyer confidence, with property sales from TSPC solicitor estate agents increasing by 21% and TSPC insertions rising by 6%.

Reflecting on the year overall, compared to 2023, the average property selling price was £179,126 compared to £178,717 in 2023, with 2,081 homes sold in 2024 compared to 1,724 in 2023.

During 2024, property listings and sales also saw significant growth across several areas.

Broughty Ferry and Barnhill saw a staggering  40% increase in properties sold, while Forfar, Letham, Tannadice, Kingsmuir, and Guthrie experienced the highest average selling price increase of 6% to £175,699. In Dundee, including Invergowrie, property sales rose by 25% compared to an increase of 33.3% in the Angus areas of Brechin, Edzell, Stracathro and Trinity.  North East Fife saw sales increase by 43%, with Auchterhouse, Birkhill, Muirhead, Piperdam, and Liff achieving the highest percentage above Home Report value across all TSPC areas at 3.1%, with the average selling price increasing by 26.3% to £323,468.

Looking ahead to 2025, Angela Wallace, Centre and Operations Manager of TSPC said, “It will be a slow start to 2025 but, by early Spring I, expect to see growth in all areas of the housing market, with the possible exception of lower priced properties suitable for rent as there is a decreasing number of landlords willing to continue and are cleansing their portfolios.

“I can see a renewed appetite for moving in 2025 with lower interest rates, a more stable market and a more positive economic climate. I see prices sitting at or around Home Report value and movement within the DD postcode areas to still be over 80% of all movement within our area.”

Tayside Solicitors Property Centre is the number one platform for exclusively marketing the majority of properties for sale in Dundee and the surrounding areas. The network comprises a collective group of 27 Solicitors and Estate Agents in Dundee and Angus who provide comprehensive estate agency,  legal, and conveyancing services for property transactions.

For more information,  please visit www.tspc.co.uk

ENDS