A property law firm has found signs of recovery in the Aberdeen property market.
Aberdein Considine has said that an improving economy may have led to a strengthening housing market, where house prices have increased for the first time in two years.
The property law firm said that the city’s sales have risen by a “substantial” amount in Aberdeen compared to the same period in 2017. Property sales have increased by 7.9%.
The average price of a home in the Scottish city will cost you £199,834, compared to the £267,035 it will set you back in Edinburgh.
“The upturn in Aberdeen is great news after a prolonged difficult period, and is hopefully an indicator that we are beginning to see the northeast emerge from one of its most testing downturns,” said Jacqueline Law, the managing partner at Aberdein Considine.
“There’s still a huge amount of work to do to try and get back to where we were but news of the longer term investment plans for the area, and the oil price having hit 80 dollars this year, hopefully, provides the necessary level of optimism to help maintain the momentum.”
“Critically, the positive effects of a return to sustainable growth in the energy sector should filter through to the rest of the country, providing benefits for businesses across the supply chain.”
“The property market across Scotland is in reasonably rude health, and the fact that three areas have all breached the £250,000 price barrier demonstrates that there remains significant pent-up demand.”
“However, despite the current feel-good factor, we can’t ignore the ongoing turbulence in relation to Brexit, as well as the corresponding uncertainty this is causing to both businesses and homeowners.”
“That said, the energy industry is international in nature and the return of a stable and prosperous oil and gas industry should hopefully provide some insulation against the challenges the country might face over the next few months and years,” she added.
