Tayside and Fife enjoys mini property boom

The high demand has led to a surge in prices for all residential properties, with price increases reported locally of seven per cent.

Ken Thomson, partner and head of residential property at Thorntons, said it was an ideal time to sell.

He said: “We’ve witnessed an immediate and sustained mini property boom since the market reopened in June 2020.

“There’s been such a pent-up demand fuelling the marketplace that in some areas has meant supply has struggled to meet demand.

“This has led to a rise in prices for all properties from small flats to top-end homes, which in some areas of Scotland, including Edinburgh and the Borders, have been significant.

“The year-on-year average price rise to the end of December was 6.8 per cent in Dundee and Angus, 6.5 per cent in Perth and 5.3 per cent in Fife.”

He added that government schemes have helped new buyers. 

“Part of this has been, in part, due to government assistance through the Help to Buy ISA scheme. This has now closed to new savers and replaced in part by the slightly less attractive Lifetime ISA scheme.

“The First Homes Fund, a shared equity scheme providing cash loans of up to £25,000 to assist in the purchase of a first home, has also been popular. This scheme was closed in October, but has now reopened for applications to assist with purchases that will complete on or after April 1 2021.”