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Aberdeen outpaces Scotland for house price growth

The north-east properties sold faster than a year earlier, with the average home taking nearly three weeks less to sell
The north-east properties sold faster than a year earlier, with the average home taking nearly three weeks less to sell

Aberdeen property prices are racing ahead of the Scottish average, new research by estate agency Savills shows.

It also reveals that £1million-plus sales in the Aberdeen area have reached a record high, echoing findings revealed by north-east solicitor and estate agent Aberdein Considine earlier this month.

Savills said there were 30 such sales during the year to September, which was up by 30% from 23 in the previous 12 months.

The latest total includes 11 new builds, with six in a single development in the west end of Aberdeen.

Savills also said property prices in the Aberdeen area were 25% above the 10-year average.

But while the number of residential sales in the Granite City are currently increasing at a rate of 4% a year, due to limited supply, Aberdeenshire is seeing growth of 20%, it said.

The research findings give average prices per square foot, citing £373 for a new-build property in central Aberdeen.

Fiona Gormley, who joined Savills as head of residential in its new Granite City office earlier this month, said: “House price growth here is expected to exceed the Scottish average over the next five years.

“Aberdeen’s position as a global energy hub, the current imbalance between supply and demand and the impact of the new LBT (land and buildings transaction) tax on prime property will determine the market in the medium term.

“The announcement of the proposed LBTT rates in recent weeks is motivating both buyers and sellers, and we are anticipating a busy first quarter in 2015 for the housing market in Aberdeen and beyond.”

Faisal Choudhry, head of research in Scotland for Savills, said the estate agency was seeing further strong proof of a steady recovery in Scotland’s residential market.

She added: “A lack of prime stock to meet demand in city hot-spots is slowing the rate of sales growth but keeping prices strong.

“Aberdeen has been particularly affected by this constrained supply.”

Savills said activity in the west end, Bieldside, Cults, Milltimber and Peterculter made up more than one-third of “prime”, or upmarket transactions in the Aberdeen area during the year to September, representing 241 sales.

“Demand has far outstripped supply in such hot-spots, restricting the increase in prime sales across the city,” it added.

The firm defines prime properties as typically being in the top 3% of the Scottish market by house price, meaning £400,000 and up.

Prime sales in the Aberdeenshire and old Kincardineshire county area almost doubled in the same period, reaching 325 sales, the firm said.

It added: “This represents a remarkable recovery, compared to the previous 12 months when there was only a 2% annual rise in prime sales.

“This phenomenon has been driven by the satellite hotspots of Inverurie, Aboyne, Banchory, Westhill and Ellon.”

Across Scotland, there was a 20% increase in £1million-plus sales to 148, with Edinburgh accounting for 48%, Savills said.

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