The property market has come under pressure with sharp rises in the Bank of England base rate making mortgages more expensive.
But in Dundee, estate agents Lindsays said house prices show no signs of slowing.
The firm said prices have risen in the past year with average house prices around £44,000 higher than before the Covid-19 pandemic.
Lindsays said the average prices of homes sold through its Dundee office in the 2022-23 financial year was £205,790. This compared to £161,786 in 2019-2020.
It is also more than 10% higher than the firm’s average price in 2021/22 of £181,849.
Why are Dundee house prices increasing?
Chris Todd, a partner with Lindsays in Dundee, said: “There have been lots of headlines nationally about house prices dropping. That’s not the case here.
“In Dundee, and throughout Tayside, very few homes are going below their home report valuation. We’re not seeing prices drop. We are seeing them stabilise, though.
“Every housing market is local. And, locally, ours is continuing to perform healthily. Demand continues to outstrip supply. The same is true across other parts of Scotland.
“After a couple of quite remarkable years, we are seeing the market return to more normal levels of activity, last seen really in 2019.”
Dundee house prices slowing not stalling says local expert
Mr Todd said the market was now more balanced making it easier to advice on price.
He adds: “For the vast majority of properties, prices are holding up well.
“What we’re not seeing now are the extremes we experienced in a relatively small part of the market when competition was at its most intense.”
According to solicitor estate agents’ collective TSPC, the average selling price of property across Dundee, Angus and North Fife between January and March this year was £175,164, an increase of 9.3% year-on-year.
On average, properties attained 4.2% above their home report valuations at sale.
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