Aberdeen house prices up 2.3 per cent

Aberdeen house prices up 2.3 per cent

Aberdeen house prices rose 2.3 per cent in the last quarter, a new report shows.

Published by Aberdeen Solicitors’ Property Centre Limited, in cooperation with the University of Aberdeen, Business School, Centre for Real Estate Research – the data also indicate that:

  • the annual house price change in Aberdeen city and suburbs is + 6.6 per cent
  • the annualised house price change over five years in Aberdeen city and suburbs is – 1.5 per cent

John MacRae, chairman of the board of directors of ASPC, said: “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 three key indices improving. Starting with the least impressive index, the five-year comparison remains a negative quantity, at -1.5 per cent. The figures for the first and second quarters were, respectively, -3.4 per cent and –2.7 per cent. 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 per cent and + 6.6 per cent. 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 per cent 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’.”

He added: “For the first time in, perhaps seven 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.”

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