An Aberdeen property management company expects the north-east market “will make a fairly quick recovery” after a six-figure investment in the city.
Newton Property Management, which it acquired Aberdeen-based Watt and Co last year, said has increase its stock of factored and leased properties in the region by 70%. Glasgow-based Newton, lead by chief executive Stephen O’Neill, has also continued on the acquisition trail having snapped up rival Greenhome Property Management, also based in Glasgow.
Watt and Co founder, Ross Watt, has become a director and shareholder of Newton, with six members of staff based at the Aberdeen office in Rosemount Place.
Mr O’Neill said: “We chose to invest in Aberdeen as we believe wholeheartedly that this city will make a fairly quick recovery. We have invested in Ross in particular as he is a rising star on our board and he has a great future with the business.
“The current market here doesn’t frighten us. We have continuity in this business and if we keep looking after our clients we won’t lose them. Another recent deal in the central belt has resulted in a 40% increase in our overall stock and an 80% increase in units manged from our Aberdeen by Ross and his team. We continue to bring in new clients across Scotland and enhance our relationships with key developers.”
Meanwhile, the oil and has downturn has continued to take a toll on north-east property values, new figures have shown.
Registers of Scotland (RoS) has revealed average year-on-year house prices in May fell most in Aberdeen and Aberdeenshire, with falls of 9.2% to £176,394 and 5% to £191,476 respectively.
At the same time, the average price of a house in Scotland has risen by 4%, the official statistics show.
Bob Fraser, senior property partner at Aberdein Considine, said: “Clearly, the market in the north-east is tougher than it has been at any point in the past decade.
“However, the region has benefited from a property price boom over that period at a time when the rest of Scotland was suffering from the recession.
“It’s now a buyer’s market in Aberdeen and Aberdeenshire – offering opportunities to first-time buyers and those looking to move up the property ladder. I would urge them to take advantage of it, because over the past decade we have seen how hard it can be for young people to enter the property market.”
