House prices hit new high

Evening Express (Extra Edition) - - FRONT PAGE - By David Ewen

HOUSE prices in Aberdeen have hit an all-time high.

Prop­er­ties sold in the city area for an av­er­age of £218,326 be­tween April and June.

And in the sub­urbs to the west of the city the fig­ure for a de­tached house was a whop­ping £542,343.

To­day, the chair­man of the Aberdeen So­lic­i­tors’ Prop­erty Cen­tre said the mar­ket had fi­nally re­cov­ered af­ter a slump.

John MacRae pointed to “con­tin­u­ing ac­tiv­ity” as a sign the Aberdeen hous­ing mar­ket area had shaken off the re­ces­sion. In the quar­ter 1,446 homes were sold and there are 2,559 homes on the prop­erty reg­is­ter.

Mr MacRae added: “Those con­tem­plat­ing house pur­chase should feel re­as­sured prop­erty val­ues have re­cov­ered bet­ter in this area than else­where.”

The Aberdeen Hous­ing Mar­ket fig­ures were re­leased by the city coun­cil, based on sta­tis­tics sup­plied by Aberdeen So­lic­i­tors’ Prop­erty Cen­tre Lim­ited.

In 2010 av­er­age prices rose for the first time in three years.

Mr MacRae said: “Gen­er­ally speak­ing, the hous­ing mar­ket in this area fol­lows an an­nual cy­cle with prices ris­ing in the first two quar­ters then de­clin­ing in the last two quar­ters of each year.

“The cur­rent av­er­age of £218,326 re­quires to be set in this con­text. At the end of the sec­ond quar­ter in 2010 the av­er­age price was £213,358.

“Com­par­ing each of the sec­ond quar­ters, the an­nual in­crease is of the or­der of 3%.”

Mr MacRae said it was im­por­tant not to get “car­ried away” and the mar­ket was not as “wild” as it had been be­fore the global fi­nan­cial cri­sis hit.

He said the re­quire­ment for sell­ers to pro­duce a home re­port at the end of 2008 was a fac­tor.

This gives po­ten­tial buy­ers a guide to prop­erty val­u­a­tions.

Mr MacRae said see­ing the val­u­a­tion in black and white dis­suaded peo­ple from pay­ing way over the odds.

He added: “There is slightly more sup­ply than de­mand, so peo­ple can be a bit choosy.” Peo­ple were still strug­gling to get on the prop­erty lad­der, par­tic­u­larly first-time buy­ers, who had dif­fi­culty find­ing mort­gages.

“Room for all on hous­ing mar­ket”, This Page

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