Property sales rise in Q2 and new sellers adopt a realistic outlook
Each quarter, the University of Aberdeen’s Centre for Real Estate Research analyses ASPC data to produce the Aberdeen Housing Market report.
The most recent report found that property sales picked up in Q2 after a sluggish start to 2018 impacted by extremely poor weather. The increase of 22.2% in the volume of sales compared with Q1 is in line with what we would normally expect during this time of year. The sales volume of flats, semi-detached houses and detached houses respectively increased by 25.3%, 17.4% and 25.7%.
Sellers are being more realistic in tying up deals around Home Report valuations in many cases and confidence in the market seems to be steady as sellers are continuing to place properties on ASPC, with a normal level of insertions being experienced. New insertions are being marketed on realistic values and this is now the time for those who have had a property for sale for some time to consider with their agent revisiting the Home Report valuation and perhaps taking a realistic view on the market value of their property.
There was no quarterly house price change in Aberdeen City and Suburbs, however the trend demonstrated by the annual house price change continues to be negative.
The background economic situation continues to be slightly more optimistic with announcements of additional activity in the North Sea coupled with continuing Brent Crude price levels maintaining a reasonably healthy level.
The full report can be read here: https://www.aspc.co.uk/media/1552/second-quarter-2018.pdf