Residential Property Sales – 2017 Review

detached-house2017 was another challenging year in the Aberdeen Property market, however not to the extent of the previous year. In 2016, average prices fell by 10%; in 2017 the fall was 3½%. This reflects the general feeling that we are either at, or very close to, the bottom of the current downturn, with prices not expected to fall very much further from their current levels.

Since the beginning of the year detached properties in Aberdeen have been selling on average at 5% under the Home Report valuation figure, taking on average 5½ months on the market to achieve a sale. Non detached houses are also selling at 5% under valuation, but they are achieving a deal, on average, after 4 months on the market. Flats are suffering to some extent from the volume of properties on the market for sale. They are selling on average after 5 months on the market at a price 10% below Home Report valuation.

There are some reasons for mild optimism. The average house price in Aberdeen is still higher than it was 5 years ago and sale volumes certainly increased in 2017, up 3% on the number of sales in 2016. If this continues in the first quarter of 2018, combined with an increase in oil industry activity, then confidence in the market should return leading to a slow but steady improvement.

James & George Collie’s dedicated sales office at 450 Union Street, Aberdeen, located between Rose Street and Chapel Street, in the heart of the city centre, enjoys a prominent position on Aberdeen’s main street and provides ideal exposure for properties on the market for sale. Located directly opposite the new Capitol and Silver Fin office developments, it is ideally placed to advertise properties for sale in anticipation of the property market bouncing back.

For further information or advice please contact our property sales office on 01224 572777 or our estate agency partner Brian Sutton on 01224 563340 or by email at b.sutton@jgcollie.co.uk

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