Aberdeen Considine reports third quarter property market strength

A firm residential property market in the third quarter of 2018, with signs of recovery even in Aberdeen and the north east, is claimed by solicitors Aberdein Considine in their latest Property Monitor. 

Research for the monitor has revealed that residential property sales in Aberdeen increased for the first time in nearly two years, by 7.9%, following what the firm has identified as "a range of encouraging economic indicators for the city and region", though it adds that any recovery remains in its early stages.

Prices in Aberdeen also appear to have stabilised, and whilst there was still a 0.5% year on year fall, the average cost of a home was £199,834. 

Markets in Angus and Dundee also enjoyed a resurgence: Dundee saw a 4.8% uplift in average prices to £144,113 and a 12% increase in the value of sales, while Angus experienced a 12.5% increase in the number of homes sold and an 11.2% rise in sales value.

Elsewhere across Scotland, three areas continued to show heavy demand, with Edinburgh, East Renfrewshire and East Dunbartonshire all breaking the £250,000 average price mark in the third quarter.

The capital remained the most expensive place to buy a home, with an average price of £267,035, up 3.8%. East Dunbartonshire rose by 9.7% to hit £251,547 with East Renfrewshire seeing a 1.4% uplift to £265,240.

Overall, almost three quarters of buyers paid the home report valuation or above for their property, with just 26% secured a property for under valuation.

Jacqueline Law, managing partner at Aberdein Considine, commented: "The property market across Scotland is in reasonably rude health, and the fact that three areas have all breached the £250,000 price barrier demonstrates that there remains significant pent up demand.

"The upturn in Aberdeen is great news after a prolonged difficult period, and is hopefully an indicator that we are beginning to see the north east emerge from one of its most testing downturns.

"There’s still a huge amount of work to do to try and get back to where we were but news of the longer term investment plans for the area, and the oil price having hit $80 this year, hopefully provides the necessary level of optimism to help maintain the momentum."

However, she warned that the ongoing turbulence in relation to Brexit was "causing corresponding uncertainty to both businesses and homeowners".