The Aberdeen housing market is in a ‘reasonably healthy state’ according to north-east property experts.
Figures released by Aberdeen Solicitors Property Centre (ASPC) show property prices in the city were up by 3.2% in the third quarter of 2022, compared with a year ago.
ASPC hailed the jump as good news for “building confidence” among buyers.
For the first time since 2014-15, Aberdeen has seen a positive increase in quarterly, yearly and five-yearly figures.
Q3 residential property sales in Aberdeen grew by 3.4% quarter-on-quarter. Prices in Aberdeenshire rose by 5% in the same period.
Locations enjoying growth include Ellon, Stonehaven and Inverurie, with prices rising 1.4%, 1% and 0.7% respectively.
ASPC’s figures are based on a study by the Centre for Real Estate Research at Aberdeen University Business School.
They also show the house price change in Aberdeen over five years is 0.4% – an improvement from house price deflation of 0.4% reported in the previous quarter.
The price of a typical flat in Aberdeen rose from £126,070 to £126,733 in Q3, while semi-detached properties increased from £191,718 to £198,274.
The detached homes market also saw price growth, from £326,196 to £328,272.
Inverurie and many rural locations have seen house prices rises across all dwelling types.
But in both Ellon and Stonehaven there has been been a drop in the price of flats.
In Inverurie, the average detached home increased from £305,916 to £310,817 and semi-detached properties were up from £187,083 to £188,367 while the largest price rise was for flats, from £125,958 to £131,970.
Ellon figures show the average flat decreased from £120,244 to £115,986, while semi-detached properties rose from £161,316 to £163,584 and detached homes increased from £274,571 to £277,579.
Prices in Stonehaven are also encouraging, with the detached market rising from £316,436 to £325,735, semi-detached £189,437 to £191,327 and flats decreasing slightly from £137,727 to £137,054.
Properties in the countryside also showed increases – the average price for flats went from £118,017 to £121,851, semi-detached homes surged £179,233 to £188,144 and detached houses were up from £322,024 to £339,386.
ASPC chairman John MacRae said: “While the increases are, in themselves, relatively insignificant, they do continue a trend.
“After a difficult period for sellers, these sustained improvements give hope that our local market has settled down into a reasonably healthy state.
“Modest increases, year-on-year, build confidence for purchasers, who can feel more confident that buying a property will not result in negative equity.”
A total of 1,563 residential properties were sold in Q3 of this year, an increase of 2.2% compared to the second quarter but down by 10% from a year ago.
Mr MacRae also highlighted a lack of properties for sale in some parts of the north-east.
He added: “What is also becoming clearer is the drop in properties coming to market in some areas – notably, Westhill and Banchory.
“Demand now exceeds supply in some areas, and sellers are benefitting from that.
“Coupled with increased turnover of stock, that is resulting in a reduction in numbers of
properties for sale on our website.”
Year-on-year (September 2021-22) figures show a drop in the number of available properties from 4,383 to 3,825.
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