Aberdeen Solicitors’ Property Centre Limited, in cooperation with the University of Aberdeen, Business School, Centre for Real Estate Research, has published statistics for the third quarter of 2021 relating to the Aberdeen Housing Market. The report is based on a constant quality methodology. The main points arising from the report are as follows: 

• The quarterly house price change in Aberdeen City and Suburbs is + 2.3%
• The annual house price change in Aberdeen City and suburbs is + 6.6%
• The annualised house price change over 5 years in Aberdeen City and suburbs is – 1.5%

“The report released by the Centre for Real Estate Research at the University of Aberdeen Business School for the third quarter of the year has just been released.”

“This quarter, the results continue the improving picture set out in the Reports for the first two quarters of 2021.” 

“The third quarter figures are of interest because there can be years when the results foretell a disappointing year.” 

“I am happy to be able to report that the third quarter results continue to show a steady improvement on previous years and show a small but significant ‘milestone’ achieved.” 

“I think it is common knowledge that this has been a year when we all hoped for signs of recovery – possibly stability. The first half of the year indicated there were signs of steady improvement, both in numbers of sales and in prices. The third quarter has confirmed that trend with each of the 3 key indices improving. Starting with the least impressive index, the 5 year comparison remains a negative quantity, at -1.5%. (The figures for the first and second quarters were, respectively, -3.4% and – 2.7%.) This is very encouraging and reconciles with a further indicator, of which, more later.”  

“The remaining two indices – quarterly and annual price changes – are also very encouraging, being +2.3% and + 6.6%.”  

“These indicators do not apply to all sectors of the market, and flats are a sector where now may be the time to buy.” 

“The number of transactions taking place during the third quarter is also up – by 0.8% which is possibly insignificant, statistically, were it not for the fact that we would expect the third quarter to be slightly down, compared with the preceding quarter.”

“There is one other result that I want to highlight. Figure 3 in the report illustrates levels of activity and ‘mark up’. For the first time in, perhaps 7 years, mark up has attained 1.00. The authors of the report will, I hope, tolerate my crude expression of their sophisticated research and analysis as demonstrating that in our market more and more properties are achieving asking price.”  

“Last year was so unusual it was difficult to read much we could rely on from the figures. This year’s figures are confirmation that our local housing market is recovering. It is not complete, but things are definitely improving for sellers.”

The full Quarter 3 report for 2021 can be read here.