House prices in Dundee are rising faster than in any other Scottish city, a new report has revealed.
Research from estate agent Aberdein Considine shows that the average home in the city was sold for more than £140,000 during the second quarter of 2018.
This marks a 5.7% rise from the same period in 2017.
Increases of 5.5% were recorded in Glasgow, Edinburgh, Perth and Stirling with Aberdeen showing a 1.2% drop.
Dundee’s price inflation was recorded in April, May and June in the run-up to the completion of the V&A. Alan Cumming, national estate agency director at Aberdein Considine, said this was the first clear sign of the museum having an impact on the city’s property market.
He said: “Dundee has been undergoing a renaissance as this magnificent new landmark takes shape on the banks of the Tay.
“The city has a growing UK and global profile and with more than 500,000 people expected to visit over the next year, this is only going to grow.
“Dundee is one of the most affordable cities in the UK for first-time buyers, which makes it a popular choice for young house-hunters.
“We may well be at the beginning of a period of sustained price growth and I am incredibly optimistic about what the future holds for the city’s property market.”
Across Scotland as a whole, prices have soared to a record high of £169,450 after a summer market heatwave inflated prices in 27 out of the country’s 32 local authority areas.
But more than three-quarters of the people surveyed by Scotland’s Property Monitor indicated that they had no intention of buying a new home, up from 43% in the first quarter.
Back in July, the Tele revealed how house prices in Dundee had increased by 1.5% in May, which contributed to a 5.4% rise over the last 12 months.
During that time, the average property in the area sold for £121,580 – significantly lower than the UK average of £226,351.
Buyers who made their first step on to the property ladder in the City of Discovery in May spent an average of £104,591.
In September last year, it was reported by Aberdein Considine that property prices in Dundee were rising twice as fast as the Scottish average.