Aberdeen house prices drop nearly 20%

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.