Average house prices in Dundee above £200,000 for first time

RSB Lindsays says there's been a 13% rise in sale prices across the city over the last 12 months.

The average price of a house in Dundee has exceeded £200,000 for the first time, according to an estate agent.

RSB Lindsays said there had been a 13% rise in sale prices across the city over the last 12 months, meaning homes are now, on average, £24,000 more expensive.

But the firm doesn’t think that trend will continue, with the market showing signs of levelling off.

Chris Todd, partner and head of office at RSB Lindsays, said: “We’ve seen about two years of rapid growth in the property market.

“I think what we’re going to see over the next period is that readjusting itself to a more balanced market that is fairer to both seller and buyer.”

Chris Todd believes rapid growth in the market will soon level off.

Property prices in the UK have fallen for a fourth month in a row, after September’s infamous mini budget led to spiralling mortgage rates.

According to the Bank of Scotland, the average value of homes across the country has gone up more than 10% in the last year.

But experts believe the so-called ‘sellers’ market’ is over, and prices will continue to stabilise.

“We’re going to see sellers not achieving the same prices that they did for their properties six or 12 months ago,” said Mr Todd.

“Borrowing has been historically cheap for over a decade, but property prices have been higher.

“I think what we’ll see in the next 12 months is a reverse of that, where your mortgage will cost more, but you may not have to spend as much to get the property you want.”

STV News is now on WhatsApp

Get all the latest news from around the country

Follow STV News
Follow STV News on WhatsApp

Scan the QR code on your mobile device for all the latest news from around the country

WhatsApp channel QR Code