New research has revealed the annual number of house sales in Aberdeen fell by 24% during the last two years.
A new report by real estate firm Savills has shown the negative impact that the downturn in the north-east energy industry has had on the city’s housing market.
Faisal Choudry, head of residential research at Savills Scotland, said: “The residential property market in the Aberdeen area is being impacted by current uncertainty in the oil and gas sector and resulting decrease in consumer confidence.
“In just two years, the impact of Aberdeen’s oil shock has resulted in a 24% fall in the annual number of house sales, yet there is little evidence of a corresponding reduction in property values.
“Those who need to sell relatively quickly may wish to consider setting significantly reduced asking prices.
“This is especially true for sellers who, like many property owners in Aberdeen, have large levels of equity in their current homes.
“Others may wish to take a medium to long-term view with regard to buying and selling while Aberdeen’s local economy rebalances.
“The oil crisis and resulting falling consumer confidence has led to a rise in homes being launched to the market, with less people in a position to buy.
“Yet house prices have only fallen by 7% since 2014, with little adjustments being made for properties that are struggling to sell.
“The Aberdeen market will continue to be underpinned by high quality housing, universities, good local amenities, improving infrastructure and an increasingly diversified local economy which is not solely dependent on oil.”
