Archive for the ‘Scotland’ Category

Aberdeen house prices drop nearly 20%

Sunday, August 7th, 2016

Aberdeen house prices compared to this time last year have seen the biggest fall in Scotland.

Figures from Your Move, compiled by Acadata, showed prices in Aberdeen had dropped nearly 20% from April 2015/16 – more than double the Scottish average fall, which stands at 7.8%.

Acadata housing analyst John Tindale said the continuing impact of the oil price crash was the main reason for the drop.

He said: “It’s largely down to supply and demand. It’s important to mention places like Aberdeen and Aberdeenshire all saw prices rocketing through the roof just ahead of the new Land and Building Transactions Tax coming in last April.

“But because the demand continues to fall away we’ve seen prices lowering and I can’t see that changing until something happens with the low oil price.”

Aberdeen Solicitors’ Property Centre (ASPC) chairman John MacRae said there were glimmers of hope.

He said: “Aberdeen and the North-east was one of the first places in Scotland to recover after the 2008 crash but the rest of Scotland saw its own recovery around 2013/14.

“The volume of sales has gone down 30%, which is causing concern, but we’re still seeing about 90 sales a week. We have seen big job losses and the EU referendum is having an impact too, but I am expecting things to improve. We just have to sit tight.”

 

Source: https://www.eveningexpress.co.uk/fp/news/local/sharp-drop-in-price-of-properties1/

Dispute all the gloom news, every dark cloud has a silver lining. It’s a buyer’s market, it’s a good time for first time buyers to try get on to the market or investors looking to pick up properties for the long term.

Aberdeen house price fall blamed on oil slowdown and LBTT

Tuesday, November 3rd, 2015

Aberdeen house price fall blamed on oil slowdown and LBTT.

House prices in Aberdeen have remained steady in the second quarter of 2015 but the volume of sales has dropped, according to new figures.

A new report ublished by Aberdeen Solicitors’ Property Centre Limited (ASPC), in co-operation with the University of Aberdeen, Business School, Centre for Real Estate Research, shows that sales in the second quarter were down 9.4 per cent on the same period last year.

The second quarter of the year is usually the most active period for sales.

John MacRae, chairman of the ASPC board of directors, said the slowdown of the North Sea oil sector and the introduction of the Land and Buildings Transaction Tax (LBTT) had a definite negative impact on sales.

House prices in Aberdeen city and suburbs increased by 0.1 per cent in the second quarter, compared to a 8.5 per cent increase across Scotland and a 3.3 per cent increase across the UK.

The average price for a flat was £167,589, a semi-detached house was £231,904, and a detached house was £355,782.

Mr MacRae explained: “The second quarter figures for 2015 demonstrate that, generally, house prices in our area have remained steady but the volume of sales has dropped.

“In my note to the figures for the first quarter of 2015 I mentioned the varied background features affecting our local market, not just the headline oil industry difficulties.

“We are now in a position where the effect of the change from stamp duty land tax to Land and Buildings Transaction Tax is beginning to wear off as the market becomes conditioned to the changes.

“Nevertheless part of the reason for the decrease in numbers of sales will be attributable to a certain section of the market above £350,000 being less active than before due to the higher incidence of LBTT in that sector.

“Undoubtedly, the continuing problems in the oil industry will also be having an effect and, given past experience of similar situations, I do not think that the effect of the oil price is yet fully reflected in our local market activity.

“Given the economic background in this area, however, the 2015 figures are holding up very well and there should not be an unduly pessimistic outlook for our market given that there are positive features (the low cost of borrowing, the good activity in starter homes and flats) in our market.”

Source http://www.scottishlegal.com July 29, 2015

Property Buyers Aberdeen

Friday, July 17th, 2009

How Property Buyers in Aberdeen are Helping to Turn the Economy Around

You may think that there’s no hope right now for the failing economy or, more importantly, your own dwindling confidence in the financial system and indeed the security of your own job.  You may be under more financial pressure than you’ve ever experienced before and you may indeed be facing repossession or other financial difficulties.  Being that this is the case, it may well reassure you to know that you’re not alone – in fact up to 30% of the UK population are in similar situations with the numbers set to increase over the coming months and the early part of 2010.

“Whilst 30% of the population could experience negative equity and increased financial pressures this year, there are ways to turn things around”

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