Miller Hendry Solicitors and Estate Agents in Dundee have released statistics for August which indicate that property sales for the area are not only increasing in number, but may be selling at their fastest rate this year.
Just last month Tayside Solicitors Property Centre published their figures for the last quarter, charting an increase of nearly 20% for the period and citing that “confidence” had returned to the Tayside property market.
Miller Hendry’s latest data from their Dundee property shop demonstrates that 70% of all properties placed under offer in August were only on the market for an average of 15 days.
Eileen Matthew, Partner with Miller Hendry in Dundee commented:
“These are very promising signs for the Tayside property market and indicative that property in Dundee is both increasing in demand and that homebuyers are, perhaps, finding it easier to secure the mortgage funding that they need quickly enough to meet market forces.”
In July, Dundee was identified as the one city in Scotland where house prices were the most affordable for first time homebuyers. CACI’s Housing Affordability revealed that young house-hunters in Dundee are left with a ‘cash gap’ surplus of around £2300 over and above the mortgage required for them to purchase a home and the typical mortgage available, compared to tens of thousands of pounds deficit in other cities such as Edinburgh and Glasgow.