Northwood owner and Director Laura Mearns has given an update on how the property market has performed throughout the North-east so far this year and what lies ahead until the end of the year.
While the average house price in Q2 remained largely similar to that of the same period last year, average private rent prices in the City and Shire have risen by up to 4.3% compared to Q2 2024, she said.
With regards to the sale of flats, Q2 was very busy with first time buyers, investors, and parents who were purchasing University accommodation for their children.
Laura said: €œWe continue to see investors buying in Aberdeen focusing on the flat market providing the property is at the right price. Investment focus tends to be on the properties that require renovation where investors can add value.
€œIn terms of sales of properties, the market has been steady for properties priced in the range of £40,000 to £250,000, with more achieving offers at home report value. With increased competition in the market and a bigger volume of sales, higher offers are being made, and more closing dates are being set compared to this time last year.
€œThere is a sustained demand for properties in commuter and scenic towns across Aberdeenshire, though average house prices in these areas tend to vary depending on where they are and what type of house is being sold – some are achieving higher values while others slightly less.
€œOverall, though, sellers who set a realist price for their property, have clean home reports and present the property to a high standard are much more likely to achieve a higher value and successful sale in the current market.
€œGoing forward, we anticipate a steady market as we continue through Summer and into the Autumn months. With interest rates expected to fall in Q3 and Q4, we expect this will contribute positively to the steady market we are experiencing, and we hope will contribute to increasing the volume of property transactions later this year.€
