Housing market performance across the wider North East locations of Angus, Dundee and Moray remains healthy, with a 3% annual rise in transactions during the 12 months ending August 2019. Similarly, house prices, particularly in Angus and Dundee, have continued to grow in 2019. Whilst the prime markets above £400,000 have remained steady, much of the transactional growth has taken place below this level.

Dundee

The last 12 months have been monumental for Dundee with the opening of the V&A museum and the new railway station. Huge transformational projects in their own right, both are helping Dundee towards its vision of becoming a thriving and innovative city. V&A Dundee is estimated to have contributed £10 million to the city’s economy while tourism has increased by 9% year-on-year.

The city’s position as a UNESCO City of Design, its impressive universities and reputation for medical research, not to mention its famous technology and innovation sectors, have all contributed to Dundee being named ‘Best Place to Live in Scotland’ in 2019 by the Sunday Times.

Dundee’s residential market is active and affordable. The average transaction price, at £143,960 during the 12 months ending September 2019, was 20% lower than Scotland’s average. Demand remains strong, supported by the fact that transactional activity increased annually by 7% compared with a national increase of 2%.

Transactional growth over the last year was supported by increased second hand and new build activity in locations around the universities and also towards the western parts of the city near Ninewells Hospital. Transactional growth also continued in the traditional hotspot of Broughty Ferry, which dominates Dundee’s prime market.

Angus

Increased prosperity emanating out of Dundee has fed growth in Angus, with coastal locations outperforming. These include Monifieth, supported by the new build market and also Arbroath, Carnoustie and Montrose further north, lifted by more second hand activity. Indeed, Montrose was home to this year’s sole million pound plus sale outside the Aberdeen area: The Craig, situated to the south of Montrose Basin and Nature Reserve.

The residential market in Angus links with southern Kincardineshire at the edge of Aberdeenshire. Here, the number of transactions across both the mainstream and prime sectors in areas such as Fettercairn, Laurencekirk, St Cyrus and Inverbervie witnessed a recovery over the last year.

Moray

Despite being the smallest of the North East areas in terms of annual transaction numbers, Moray has slightly higher prices. Transactional growth was supported by a 19% rise in activity between £200,000 and £400,000.

Moray’s residential market is dominated by the hub of Elgin which made up 30% of transactions over the last year. Transactional growth mainly took place in the second hand markets of Elgin, Keith and Fochabers and the new build market in Forres.

_{Read the other articles within Spotlight: Aberdeen and North East Residential below}