Aberdeen property market continues to show encouraging results in Q1 review
Aberdeen Solicitors’ Property Centre Limited, in cooperation with the University of Aberdeen, Business School, Centre for Real Estate Research, has published statistics for the first quarter of 2022 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 has been -0.7%.
- The annual house price change in Aberdeen has been 1.4%.
- The annualised house price change over five years in Aberdeen has been -1.2%.
The main point of the report – the house price index – shows a small decrease, quarter to quarter, a modest increase, annually, and a diminishing level of decrease over 5 years.
This last index is interesting because it has been a negative figure for some years but in recent years has been diminishing – indicating that prices are slowly heading back to where they once were. In effect, losses are slowly being recovered.
For us at ASPC, however, situated as we are at the very start of the process of selling and buying property, things are picking up.
In our area, properties are, on average, selling for the asking price. (Figure 3 in the report shows this.)
In some areas, we are beginning to see demand greater than supply. We are seeing growing numbers of closing dates and more properties are selling in a competitive environment.
Flats are still a more problematic situation. We are seeing an increase in the number of flats selling, but the number of flats in stock does mean it will take time for the increase in activity to become apparent.
It remains the case that it is essential to maximise the sale price when you move. This is only achieved by advertising your property extensively and with the benefit of professional advice from an agent.
The full Q1 report for 2022 can be found here.