07 Jul 2016

Aberdeen named 'best place in UK to move up property ladder'

Aberdeen named 'best place in UK to move up property ladder'

Aberdeen is now the easiest place in the UK to move up the property ladder due to market shifts caused by the problems in the oil and gas industry.

Aberdeen is now the easiest place in the UK to move up the property ladder due to market shifts caused by the problems in the oil and gas industry.

Independent research from price comparison site uSwitch has found that so-called 'second steppers' - people looking to sell their first flat and move into a bigger home - are being struggling to make the move due to rising UK house prices.

Over the past decade, the British house prices (terraced, detached and semi-detached properties) have shot up by 21% while flats have increased by 15% over the same time period.

With 62% of second-time buyers looking to trade up to a house and almost half not planning on saving, second steppers face a significant deposit deficit when they buy their next home.

However, it's a different story in Aberdeen, which the survey found was the easiest place to trade up.

Strong demand for flats

The study measured flat and house prices between 2006 and 2016. In Aberdeen, flat prices have risen by 57%, while house prices have increased by 47%.

That 10% gap makes Aberdeen the best place to move up the property ladder.

Bob Fraser, Senior Property Partner at Aberdein Considine, said that the slowdown in property activity in the city was offering opportunities to first time buyers and those seeking to climb the property ladder.

"People looking to buy property right now are being presented with a favourable market.

"There is a realism among sellers and a willingness to accept offers, making it a great time to move up the property ladder.

"Those who are only selling face a tougher market."

Scotland's property experts

If you are looking to buy, sell or lease property, Aberdein Considine can offer you the support of some of the most experienced property professionals in the country.

Our leasing and property management team act for more than 2,000 landlords across Scotland.

We are also an independent broker of buy-to-let mortgages and can offer home loans without any hidden fees.

If you would like to speak to a member of our team, call 0333 0066 333 or click here

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