Aberdeen Housing Market 4th Quarter 2014
Aberdeen Solicitors’ Property Centre Limited in cooperation with the University of Aberdeen, Business School, Centre for Real Estate Research have published statistics for the fourth quarter of 2014 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:-
Generally speaking, in the fourth quarter each year, prices tend to fall back slightly. The fourth quarter of 2014 has followed that general trend although the decrease is relatively small at an average of 1.5%. The annual position, comparing 2014 to 2013 discloses an annual rise of 9.2%.
The volume of sales in 2014 has more or less matched the volume of sales in 2013 and both years have shown a return to levels of activity not seen since before the banking crisis.
The house price index for Aberdeen, at the end of 2014, exceeds the Scottish and UK indices.
Commenting on these figures, John MacRae, Chairman of the Board of Directors of ASPC said:-
“The fourth quarter figures for 2014, showing a small decrease in the average price in the City and Suburbs compared to the third quarter, are generally in line with what we expect. In fact, the small percentage decrease (-1.5%) is relatively insignificant. Anecdotally, most Solicitors selling property in this area felt that the fourth quarter was slightly busier than in recent years and the start of this year has seen fairly prompt recovery in insertions to the Centre. It is possible that the higher end of the market may be more active before the current regime of stamp duty land tax changes to land and buildings transaction tax. It will be interesting to see how the first quarter of our local market behaves.”
For further advice and guidance in relation to local market trends, contact a member of our award winning Residential Property team