Housebuilding activity in and around Aberdeen is showing no sign of slowing down despite rocketing prices.
Barratt Homes said yesterday it was investing £100million in new developments in the area, including the first in Newmachar for many years.
It comes just a few weeks after figures from the Registers of Scotland showed house prices in Aberdeen rising by £5,000 a month.
The average price of a home in the city was £205,365 at the end of March but jumped 7.7% between April and June, adding £15,813 in just 91 days.
Prices in Europe’s energy capital have risen by 13.6% since 2013 and if the rate of growth continues, the city could be on course for an unprecedented 20% increase this calendar year.
North-east law firm Aberdein Considine said the surge – fuelled by growth in the North Sea oil and gas industry – was rippling out to Aberdeenshire, where “hot spots” such as Stonehaven and Inverurie had seen year-on-year increases of 18.8% and 14.5%.
According to the Registers of Scotland, the average price of a home in Aberdeenshire was £225,135 following a £12,348 rise since the end of March.
Barratt’s investment will see a total of 571 homes built on four new sites.
Two developments in Aberdeen – one near the beach and another in Muggiemoss Road – will deliver 462 homes, while the company’s new sites Newmachar and Inverurie will have 70 and 39 respectively.
Douglas McLeod, regional director (Scotland), Barratt Homes, said: “With the high demand for new homes in and around Aberdeen city and shire, we are delighted to be providing new homes for our customers within these desirable areas.”
Barratt Homes is part of Barratt Developments, which sold a total of 14,838 homes in the year to June – making it the biggest housebuilder by volume in the UK.