ASPC 2020 Market Insights
Across the nation, we felt economic and social stress, spending slowed down, and businesses struggled. This would frequently be the point at which a dip in the market would occur and property sales screech to a halt. This was not the case, however, for the North East. With annual sales decreasing by 13% only, compared to 2019 figures, and the average sale time increasing by just 44 days, the Aberdeen property market weathered the storm remarkably well.
In this blog post, we take a look behind the scenes at the ASPC app and website, to uncover interesting trends and insightful statistics that showcase how strong the property market was in 2020, despite the turmoil caused by Covid-19.
Although the number of sales decreased in 2020, interest in properties surged - with a 13% increase in the number of users on the ASPC app and website, and over 3 million individuals visiting throughout the year.
This has resulted in over 13 million sessions on the ASPC app and website, 22.6 million property searches, and an incredible 77.3 million property views, which is an increase of 57% compared to 2019. These statistics clearly demonstrate that the interest in purchasing properties did not dip in 2020.
It could be argued that the huge increase in views is a direct result of people slowing down, and having more time on their hands. However, it is more likely that in 2020, most people will have spent more time in their homes than ever before, and small dislikes will be more prevalent, now more than ever.
Homes that once felt cosy, are now feeling cramped, and the garden that only gets sunlight for two hours of the day is now considered a big deal. As a result, people are now actively looking for their new, dream home that incorporates all of their property ‘must-haves’.
This view is strengthened by the fact that as restrictions eased, there was a noticeable surge of activity on ASPC and we saw an increase in activity across all areas. During the last 12 months, over 2.3 million saved search emails were sent to users. Although this is 6% lower than the previous year, it’s important to take into consideration that for over one quarter of the year, very few properties were listed for sale as residents of the North East were in lockdown, and unable to enter someone else's home.
When lockdown lifted, ASPC had over 30,000 active myASPC accounts, which is the highest recorded number of account holders to date, and these numbers remained strong throughout Q4, with the end of December seeing 26,500 active accounts, in comparison to the 21,000 recorded the year before. Since lockdown lifted, over 10,000 emails have been sent, on a daily basis, to our database, informing active users of new properties that match their ‘dream home’ criteria.
Some people may be disheartened by the slight decline in sales over the last year, but we must remember that physical viewings were stopped for over 100 days, which undoubtedly will have affected the figures.
Last year, we lived in unprecedented times, and the uncertainty of day to day life had a negative impact on buying behaviour for items far smaller than a new home. However, as we grew accustomed to the new technologies, and adapted the way we did things, the world began to accept the ‘new normal’.
Since the original restrictions have been lifted, ASPC has achieved record-breaking levels of traffic, both to the app and the website, which has stayed strong through the quieter months, confirming that the appetite to purchase is still there, even if the process is slightly different.