North-east property sales rise as gloom begins to lift

The number of house sales in Aberdeen and Aberdeenshire is on the up.

Latest figures just released by ASPC show that 1,270 properties in the area changed hands in the second quarter - ahead 22.2% compared to the previous three months.

The sales volume of flats increased by 25.3%, semi-detached houses by 17.4% and detached houses by 25.7%.

Another welcome indicator is that price of north-east property held up in the second quarter.

Housing has been among many sectors in the area hit by the recent downturn in the oil business in the North Sea and elsewhere in the world.

The good news, though, is there is mounting evidence of a recovery in the Aberdeen energy industry - leading to hopes of a turnaround in the fortunes of the local property market.

Steady

ASPC says in its new housing-market report that confidence in the property market appeared 'steady'.

However, even though property sales rose between the first and second quarters of this year, the figure for April to June was still down 12.5% on the same quarter in 2017.

The fresh statistics from ASPC and Aberdeen University's Centre for Real Estate Research also reveal no further falls in property values in the second quarter.

Prices remained the same in Aberdeen city and suburbs, while Ellon was up 0.2%, Inverurie ahead 0.4%, Stonehaven improved 0.6%, while there were also no price falls for other country areas.

However, all the above locations experienced year-on-year drops - Aberdeen city and suburbs was down -6.5%, Ellon -5.5%, Inverurie -5.8%, Stonehaven -4.4% and other country areas -4.7%.

John MacRae, chairman of ASPC, reported that the local housing market is still sluggish. 

He added: "After a poor first quarter, adversely affected by extremely poor weather, there has been an increase in activity, as we would normally expect in the second quarter. 

"Sellers are being more realistic in tying up deals around home report valuations in many cases.

"Confidence in the market seems to be steady, as sellers are continuing to place properties on ASPC with a normal level of insertions being experienced.

"New insertions are being marketed on realistic values. This is now the time for those who have had a property for sale for some time to consider with their agent revisiting the home report valuation and perhaps taking a realistic view on the market value of their property."

Mr MacRae said the economic situation continued to be slightly more optimistic, following announcements of additional activity in the North Sea coupled with a reasonably-healthy oil price.

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