Aberdeen has been the poor relation of the UK's property market since the oil downturn in 2014-property prices dropping by double digit figures during that period and consistently finishing bottom of Zoopla's 20 City House Price Index.
However, this morning I'm delighted to report some good news for a change from my home town (yes that's me in the photo!).
Although, I've long moved from the city, as The Property Angel expands nationally and internationally, I still have a sweet spot for the Granite City and like to keep abreast of the property market as an owner and a landlord of properties there, but also to try and guide friends and clients unsure of what to do in amongst all the turmoil.
Zoopla reported last week that 3 bedroomed properties are currently selling the fastest in the UK, going under offer in just 24 days. This was in the same report as Aberdeen again came bottom of its 20 City House Price Index with a price fall in the last year of 1.4% on top of the previous year's 3.9% fall.
You would think then its still all bad news for Aberdeen, and I decided to delve into Aberdeen's local property portal ASPC and check the stats, fully expecting them to confirm continued doom and gloom.
It was with much surprise and delight though that I discovered the following good news which appears to confirm that Aberdeen is in fact following the rest of the UK with somewhat of a mini boom in activity anyway if not in price rises. I suspect that prices will not rise because of the massive oversupply of properties on the market, but at least the flywheel is now definitely turning.
When I started my analysis this morning, I fully expected to see no change or even reduced activity but that is not the case despite enduring two Lockdowns!
Will it continue and for how long? I think its too early to tell, but I'd say this is probably the most positive piece of news for the city's property market in over 5 years.
Highlights from the Stats below:-
- 1000 properties under offer which is just over 18.5%.In previous months and years since 2015, this figure has ranged between 7-10%.
- Over 27% of 3 bed properties are under offer.
- Over 6.5% of 3 bed properties are sold.
- Less than 10% of 3 bed properties are fixed price.
|1 bed||2 bed||3 bed||4 bed||5 bed||Total|
|On ASPC: As at 4/9/20|
|% within each category||18.26%||33.89%||23.99%||16.52%||7.34%||100.00%|
|% Fixed Price/For Sale||18.92%||14.09%||9.68%||10.35%||11.39%||13.09%|
|Excl Under Offer||888||1523||938||706||327||4382|
|% Under offer/For Sale||9.66%||16.50%||27.34%||20.58%||17.22%||18.58%|
In addition, the percentage of properties under offer in the price bandings are as follows with previous average levels shown in brackets:-
0-100k-11.15% (6.5%) 100-250k-20.26% (9.5%)
250-400k-19.83% (9.8%) 400-600k-14.21% (7.1%)
600-800k-17.11% (6.2%) +800k- 4.76% (4.5%)
For anyone who is thinking of moving and wants to have a chat through things, I'm more than happy to jump on a zoom call and you can book a slot here
Here's to Aberdeen-it's about time something good was written about it!
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