ASPC: Aberdeen sees annual house prices rise by 1.4 per cent

According to the figures, the quarterly house price change in Aberdeen City and Suburbs is – 0.7 per cent, while the annualised house price change over five years is 1.2 per cent.

In the first quarter of 2022, 1,212 residential dwellings were transacted, a change of -18.3, compared to the previous quarter 2021Q4 and a change of -5.5 per cent compared to the same quarter a year ago 2021Q1.

The transactions by dwelling type were:

• 400 flats, a change of -13.4 per cent compared to the previous quarter 2021Q4 and of 15.3 compared to the same quarter a year ago 2021 Q1.
• 471 semi-detached houses, a change of -20.6 per cent compared to the previous quarter 2021Q4 and of -2.7 per cent compared to the same quarter a year ago 2021 Q1.
• 341 detached houses, a change of -20.3 per cent compared to the previous quarter 2021Q4 and of -24.4 per cent compared to the same quarter a year ago 2021Q1.

John MacRae, chairman of the board of directors of ASPC, said: “The report released by the Centre for Real Estate Research at the University of Aberdeen Business School, for the first quarter of the year backs up anecdotal evidence that the market in our area is gathering momentum.

“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.

“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 problematical 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.”

He concluded: “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.”