Are we on the road to recovery?
Figures just released from Aberdeen Solicitors Property Centre give rise to “guarded optimism” for the housing market in Aberdeen and the North East.
Whilst there has been no dramatic, overnight improvement, the statistics produced demonstrate that there appears to have been an increase, albeit small, in both the volume and total value of sales in 2017 and most certainly a betterment from 2016.
The local economy is certainly showing signs of steady improvement, while the increase in the price of oil has brought about heightened activity and investment in the North Sea. For the first time in two years we are beginning to see offshore contractors returning to work in Aberdeen from other parts of the UK and the uptake for guest houses, rentals and the hospitality industry is encouraging.
Hopefully the worst is now behind us. This slump seems to have hit harder and lasted for longer than previous “dips” but the signs in the property market are encouraging. Given the sheer volume of houses and flats on the market, at every price level, it will take a long time before we return, if ever, to a situation where demand exceeds supply. Any improvement for 2018 looks as though it will be modest but if sellers are prepared to be sensible and realistic in their expectations there are an will be buyers out there for them.
For more detailed information on the property review 2017 click here
Better times are (hopefully) just around the corner.
Pat Gray, Partner