10 Nov 2020

Aberdeen property market enjoys "good recovery" since easing of lockdown

Aberdeen property market enjoys "good recovery" since easing of lockdown

The housing market in the Aberdeen area is reported by ASPC to have enjoyed a "good recovery" since the easing of the Coronavirus lockdown.

John MacRae, chairman of ASPC, says in the Aberdeen housing market report for the third quarter that the consequences of lockdown in the second quarter had been severe.

He adds: "The report for the second quarter disclosed a sharp drop in the number of sales - reducing by a third. Even more severe was the dislocation to numbers of properties coming on to the market - in some cases, the drop was as severe as near-100% reduction.

"Prior to lockdown, prices held up reasonably well, with some positive markers. This bore out our members' experience that the market was beginning to become more active than it had been. The lockdown certainly changed that."

Sales increasing

But Mr MacRae has now reported a good recovery following the easing of lockdown.

"In the last few weeks sales have been increasing in numbers such that we are seeing figures not seen for some time. This is almost certainly down to the market making up for lost time, but it is very encouraging."

The chairman says that property prices are maintaining a reasonable level. The yearly change in Aberdeen was down by only 0.7% and actually up by 1.6% in Inverurie.

He goes on: "People are still doing deals at slightly below home report valuation, but there are instances of quick sales, closing dates and some deals at a touch over valuation. Presentation continues to be very important, and a realistic expectation by sellers is also necessary. In recent weeks we have seen sales levels close to the same levels as insertions. That is very encouraging."

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