House prices hit new high
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