Increased buyer demand will drive house prices up during 2016
Property prices will continue to rise in 2016 due to an increase in buyer demand, predicts George Solley, Director of Property Sales at Thorntons.
George is confident that increasing buyer demand will see the trend of rising property prices continue into the new year.
Thorntons says that a shortage of properties coming onto the market across Scotland, a trend highlighted recently by the latest Royal Institution of Chartered Surveyors report, is echoed in the Dundee area. Other locations in the Thorntons network of branches across Angus, Fife and Perthshire are similarly showing signs of upturn.
The RICS figures showed that house prices are rising at their fastest rate since June 2014 due to a lack of properties coming on to the market.
George reported that Thorntons has enjoyed strong sales performance over the past few months, with bidding on properties leading to strong competition amongst buyers.
He said: “Competitive bidding for popular house styles has produced some excellent results for sellers, many achieved at closing dates. I believe we will see this trend continuing into 2016.
“The New Build market is also improving. We are involved in the sale of several new build properties on behalf of a number of developers in the Dundee area and are seeing an upturn in demand for these properties. We are also involved in the number of other new developments preparing to come to the market in 2016.
”This trend will almost certainly continue and as buyer demand increases, we may well see prices rise in 2016.”
George also says that more mid-market second-hand and new build homes coming onto the market is needed to stimulate the affordable end of the market.
He added: “Increased availability of mid market properties in both the second hand and new build market would allow the owners of these properties to move up the property ladder.
“This in turn releases competitively priced, affordable housing in the lower priced sector of the market.
“As highlighted in reports earlier in the year, house prices in the Dundee area are at competitive and affordable levels. The city sat at the top end of a table produced to compare houses prices against average incomes in cities throughout the UK.
“Prices may be about to rise but the City of Discovery and surrounds still provides houses at levels which compare favourably against location through the country. As always, the availability and cost of mortgages will influence ongoing activity.”
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