Today sees the release of the Third Quarter of 2018’s housing statistics, from the Aberdeen Solicitors Property Centre. Jamie Robertson, Senior Solicitor in our Aberdeen Residential Team, reflects on these, to give a succinct view of the market, as it stands, today.
Aberdonians have had cause to believe that the downturn in the Oil and Gas sector, over the previous 24 months, has done nothing but devalue their properties. There’s no hiding away from there being over 6,000 properties for sale on the ASPC, nor that it is viewed by many, as a ‘buyer’s market’.
However, one thing that the statistics show, is that it is now a stable market. Figures for Quarter 3 show something very important; no percentage drop in price. This is the second consecutive quarter, this year that prices have remained stable. This shows a bedrock foundation of confidence has returned to the market, and this is backed up by ASPC chairman John McRae, who states that the market “…is beginning to show signs of recovering a significant degree of stability in that the numbers of sales is slightly up and the rate of downward movement in prices is…levelling out”.
This is something that has been echoed by lawyers in the North-East, who are seeing price stabilisation and higher levels of sales going through, which is again backed up by the data released from the ASPC, today.
Again, these figures are even more encouraging, when you take them in context with the looming spectre of Brexit, which has yet to have a positive effect on people’s life-planning. The figures, therefore, when viewed through this prism, must give cautious optimism to the North-East as a whole, that there is a level of positivity and consistency returning to the Oil and Gas sector, which in turn, fuels the local housing market improvement.
As things stand, 2019 has the hallmark of being a positive year. Watch this space…
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