Serving the city of Dundee is our Flour Mill office which is managed by Partner, Lindsay Darroch, and Branch Manager, James McKay. Services offered at this branch include lettings, estate agency, independent financial advice and our full range of legal services.
Flour Mill, Exchange Court
DX: DX PE106 PERTH
Viewings and valuations are available outwith these hours.
The housing markets across Tayside, and in particular Dundee and Angus, have enjoyed a resurgence during the first six months of 2019.
The economic and cultural renaissance in the region, which has been many years in the planning, now appears to be filtering through into the real economy with the City of Discovery experiencing strong growth in the residential market.
Dundee, which saw a near 16% jump in the value of properties changing hands in the first quarter of the year, followed this with an 18.7% rise in the second quarter. Alongside this, average prices grew 5.6% year on year to £148,790, although a high of £162,003 was reached in June.
Whilst it’s always risky to attribute everything to the recent high profile the city has attracted, from the V&A to the emerging decommission sector, clearly demand is growing, and not just in Dundee.
Average prices in Angus also grew, by 1.5% to £163,693, together with an 8.6% uplift in the value of homes changing hands, with £88million of homes sold.
With the creation of job opportunities, new buyers are being attracted and despite the Brexit uncertainty it seems that first time buyers and those looking to move are keen purchase before deadline.
Developers are unsurprisingly keen to tap into this demand, with Balmossie Developments revealing in April that it had submitted plans for an 18 hectare development north of Panmurefield near Brought Ferry, and Kirkwood Homes is also set to add 150 new homes in Linlathen.
With interest rates remaining at relatively low levels, thousands of mortgage deals on offer from lenders and prices below the national average this could be an ideal time to explore the market.
Despite the additional tax on second homes, Dundee continues to prove popular with property investors. The mix of a city on the up, relatively low entry prices, decent rents and a high tenant demand is proving very attractive.
When you include the added attraction of increasing visitor numbers due to the V&A , which is enticing some to look at the Airbnb model, Dundee is a city that is attracting investor attention.
All of this is set against a wider Scottish rental market which hit a record level, where, according Citylets, the average property to rent stood at £833 per month, up 4.3% year on year, with gains ranging from 3.1% for two bed properties to 11.3% for four bed homes.
Much of the increase in rents could well be influenced by traditional student activity, but generally the market still appears to be resisting the uncertainty that Brexit is undoubtedly presenting.
The average rent for a one bed in Dundee is £418, down 1.9% year-on-year, with two beds rising slightly, 0.5%, at £590 per month. Overall 50% of properties are letting within a month.
As we head through the rest of the year it is difficult to predict what will happen in respect of Brexit, or how the economy will react but for the time being the market in Dundee remains steady.
Dundee sits at the heart of a region, Tayside, on the banks of the longest river in Scotland, the Tay.
The City of Discovery, once known for jute, jam and journalism, has been undergoing an economic and cultural renaissance during that last three years, with the new V&A museum at its heart.
The Waterfront has benefitted from a £1billlion regeneration project, including new office developments, hotels and a fully redeveloped railway station. The city has a range of primary and secondary schooling, and is home to both Ninewells, one of the UK’s most highly respected teaching hospitals and the globally respected Universities of Dundee and Abertay. Dundee was also at the forefront of the UK’s developing games industry, and is considered a centre of excellence in the sector.
Dundee has comprehensive road and rail links to the north, south and west and it has also had its own airport since 1963, with the current terminal having opened in 1997.
Angus is large rural region, bordering Dundee to the south, Perth and Kinross to the west and Aberdeenshire to the north.
Known as Scotland’s fruit basket to some for its fields of raspberries and strawberries it is also, arguably the birthplace of the country.
The area is home to many historic towns, not least Arbroath, on the North Sea coast. The town is celebrated for many things, including its world class Smokies but its most enduring legacy is the now legendary Declaration of the same name, which declared Scotland an independent nation.
Next door, to south, is the golfing town of Carnoustie, where, many would argue, lies the toughest golf course in world. Carnoustie, like many other Angus towns, was built on agriculture but in the last few decades it, like those other areas, has developed into the ideal spots for commuters.
Among the other larger towns is Forfar, famous for its Bridies, an ancient settlement, dating back to Roman times. It is around five miles from Glamis Castle, the ancestral home of HM Queen Elizabeth the Queen Mother.
Montrose, which is situated between the mouths of the North and South Esk rivers, is the northern most coastal town in Angus. The town has a view of the tidal lagoon, Montrose Basin, which you will pass on the train, and which is the largest inland salt water basin in the UK.
There are many other significant areas of interest such as Brechin, a cathedral city, and Kirriemuir, the birthplace of Peter Pan creator J M Barrie.
Combining some stunning scenery with a reasonable travelling distance to most parts of Scotland, and the east coast mainline passing straight through much of it, Angus has always proved to be of great attraction to both visitors, and those choosing the perfect place to live.
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I was astounded that my property was on the market for only one week and went to a closing after the first few viewings!
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