ABERDEEN solicitor estate agents are filled with renewed hope following a recent study that indicates property values are on the rise once more. Data from Aberdeen Solicitors Property Centre (ASPC) and the University of Aberdeen reveal that the cost of real estate in the city increased by 3.1% during the second quarter of 2024, marking a turnaround from the previous quarter.
This upward trend in property values has led to a notable increase in the average cost of a standalone home in Aberdeen, which has jumped nearly £10,000 in just three months to reach £325,534.
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John MacRae, the chairman of ASPC, noted that this marks the first period since 2022 where property values have seen growth across all three key indicators – quarterly, yearly, and over five years.
While prices have only slightly increased compared to the previous year and are 1.1% higher than before the Covid-19 pandemic, there is a sense of cautious optimism.
“At ASPC, we are finding levels of activity remaining high, which encourages us to think our local market may be starting a gradual recovery towards pre CV19 levels,” MacRae commented.
During the period from April to June, 1,383 properties were sold through ASPC, marking a 44.1% increase compared to Q1.
MacRae said: “We need to be cautious, as the second quarter of the year is, normally, the most active.
“External factors, however, may be more helpful than they have been for some time – particularly as there is a new government and there may be a feeling of renewed optimism that things will change for the better.
“Other factors include inflation seeming to be easing down, the (distant) prospect of interest rates moving downward, and a general feeling of optimism.
“I would like to see the second half of the year echo the first. While not expecting activity to match the level of the second quarter, we will have further proof of a market in recovery if the second half is correspondingly encouraging.”
