04 Feb 2019

'Welcome upturn' could be on the way for Aberdeen property market

'Welcome upturn' could be on the way for Aberdeen property market

There is more early evidence of a welcome upturn on the way for the homes market in the Aberdeen area.

Aberdeen Solicitors’ Property Centre (ASPC) reports that sales in the third and fourth quarters of last year were ahead of the same six months in 2017.

The fourth quarter of 2018 saw 1,278 homes changing hands – a year-on-year jump of 11.6%.

Signs of improvement 

John MacRae, chairman of ASPC, said: “Our local market is still facing substantial challenges. Nevertheless, there are some modest signs that things are slowly improving, or at least not continuing to deteriorate.

“There was some cause for optimism towards the end of last year in that sales were increasing and there was a sense of realism in the market, both on the selling side and the buying side.

“Properties were being priced to sell, and buyers seemed to be appreciating that there might not be a better time to make a move – given the low prices and the current low interest rates.

“It is a little early yet to make any judgement as to how this year will be, but we should know by the end of the first quarter how things are going.”  

Fall in prices

Latest figures from ASPC reveal that the price of properties in Aberdeen city and suburbs were down an average 1.4% in the fourth quarter of 2018 compared to a year ago.

Inverurie prices slipped by only 0.7%, while Ellon and Stonehaven both dropped 0.8%. However, other country areas were actually up 1.4%.

The property market in the Aberdeen area has suffered from the impact of the recent downturn in the oil business, which is a lifeblood industry in the north-east.

However, there are hopes that the current improvement in the fortunes of the oil sector will give a boost to the housing market.

Just last week, energy firms were celebrating the biggest gas find in the UK North Sea in more than a decade.

Project partner Total Exploration and Production UK estimated Glengorm’s recoverable resources at about 250million barrels of oil equivalent. It is 118 miles east of Aberdeen.

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