Demand for family homes is stronger than ever across the north-east, according to an Aberdeen estate agent.
Alan Cumming, the national estate agency director for Aberdein Considine, says the company has recorded a year on year 25% increase in viewings.
Here, Mr Cummings shares his take on the current property market and why he thinks the Aberdeen property market is moving at pace.
Opinion by Alan Cumming
There’s no doubt that the biggest domestic story at the moment is the cost of living crisis and whether it’s groceries, gas and electricity or prices at the petrol pump, most people across the country are feeling the effects to one degree or another.
It is perhaps somewhat of a surprise then that given the current financial pressures, the north-east housing market continues to move at pace.
For months now available properties for sale have been in short supply, with some homes in Aberdeen City and Shire being sold almost as quickly as they arrive on the market.
25% increase in viewings
Larger family-sized homes continue to be in highest demand but in reality, all types of property are selling well.
To provide some kind of context on what is happening in the north-east market, at Aberdein Considine we’ve experienced a year on year 25% increase in viewings and the average days a property is on the market has reduced by nearly two weeks.
Undoubtedly there remains an appetite for people to buy and sell and so far we’ve sold 10% more houses in the first three months of the year compared to the same period in 2021.
120% rise in closing dates
Demand has been strong for some time now, and with properties selling extremely quickly, competition is high – a 120% rise in closing dates versus the same three-month period last year tells its own story.
Whether this level of activity is here for the longer term is the bigger question and we are yet to see if the Bank of England’s decision to raise interest rates will have an impact on the market.
Lenders will be looking to pass on this increase and it could well influence any decision on the affordability of a desired level of mortgage. That said, there are a huge number of competitive mortgage deals available, and only recently Lloyds Bank launched the cheapest ever 10-year fixed rate mortgage, 1.66%.
Low interest rates
It is never wise to try and predict what will happen in the future, but what we do know is interest rates are still at a traditionally low level, an essential ingredient which will continue to fuel a buoyant housing market.
If you have been thinking about selling your home, whether you are a second stepper looking to move to a bigger property, or trying to downsize, now is as good a time to begin exploring the market.
It can be tempting for home owners to try and secure an off-market deal, and whilst this may avoid some of the costs associated with selling, it is a false economy. With a sharp increase in closing dates where buyers are having to bid against each other, sellers could be short changing themselves by not exposing their property to the wider market.
Help and support
Using a good agent means the whole process can be managed and controlled – well we would say that!
There’s lots of help out there – Aberdein Considine buy and sell more properties than any other agent – so if you are thinking of moving home, our collective experience can help make it happen.
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