28 Mar 2016

Aberdeen property prices 'have risen faster than London'

Aberdeen property prices 'have risen faster than London'

 

Average house prices in Aberdeen have risen at a faster rate than London over the past decade, according to one of the world's biggest banks.

The annual Lloyds Bank Affordable Cities Review measures the housing market in every UK city.

Its latest report has found that since 2005, average property prices in the Granite City have risen by 88% - faster than anywhere else in the UK, including the capital.

It estimates that the average Aberdeen house now costs £219,177, despite the recent troubles in the oil and gas sector.

Economic importance

The report said the UK’s most "successful cities economically" have tended to see the strongest property price rises.

The report also examines property affordability and estimates that a home in the UK's oil capital costs 5.83 times the average annual salary.

It named Stirling as the UK's most affordable city, where the average property costs 3.9 times the average annual salary.

Current market status in Aberdeen

The fall in oil prices continues to change the north-east property market - but recent Scottish Government figures show that the impact may not be as severe as feared.

The latest statistics from the Registers of Scotland show that 561 house sales were recorded in Aberdeen and Aberdeenshire during January 2016, just five fewer than January 2015.

This represents a drop of just 0.9% in sales - far lower than the 8.5% drop recorded over the last quarter (October to December 2015).

Out of the 561 sales in January, 270 were in Aberdeen and 291 were in Aberdeenshire. Of Scotland's 32 local authority areas, just Glasgow, North and South Lanarkshire, Fife and Edinburgh recorded more transactions.

North-east property experts

Aberdein Considine has been buying and selling homes for clients in Aberdeen and Aberdeenshire since 1981.

If you would like to speak to one of our experts about your property, then call 0333 0066 333 or click here.


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