The report gives a summary of the activity in the housing market of Aberdeen and Aberdeenshire during the third quarter of 2020. It is based on data supplied by the ASPC and has been compiled by the Centre for Real Estate Research (CRER) at the University of Aberdeen Business School.

The report found that the annual house price change in Aberdeen city and suburbs is -0.7% while the annualised change over five years in the city and suburbs is -4.8%.

In the third quarter of 2020, 1,244 residential dwellings were transacted, a change of 180.8% compared to the previous quarter 2020Q2 and a change of -8.7% compared to the same quarter a year ago 2019Q3.

The transactions by dwelling type were:

• 347 flats, a change of 209.8% compared to the previous quarter 2020Q2 and of -10.1% compared to the same quarter a year ago 2019 Q3.
• 503 semi-detached houses, a change of 182.6% compared to the previous quarter 2020Q2 and of -4.2% compared to the same quarter a year ago 2019 Q3.
• 394 detached houses, a change of 157.5% compared to the previous quarter 2020Q2 and of -12.6% compared to the same quarter a year ago 2019 Q3.

Commenting on the figures, John MacRae, chairman of the board of directors of ASPC, said: “The report released by the Centre for Real Estate Research at the University of Aberdeen Business School, for the third quarter of the year follows on from the severe consequences of lockdown disclosed in the report for the second quarter. Lockdown, for most of us, started on 23rd March. The report for the second quarter disclosed a sharp drop in the number of sales – reducing by a third. Even more severe was the dislocation to numbers of properties coming on to the market; in some cases, the drop was as severe as near 100% reduction.

“Prior to lockdown, prices held up reasonably well, with some positive markers. This bore out our members’ experience that the market was beginning to become more active than it had been. The lockdown certainly
changed that.

“Since the easing of lockdown our market has staged a good recovery. Insertions are at high levels; website traffic is up and in the last few weeks sales have been increasing in numbers such that we are seeing figures not seen for some time. This is almost certainly down to the market making up for lost time, but it is very encouraging. Evidence of the increase in market activity can be found in website traffic for August.”

He added: “Prices are maintaining a reasonable level. People are still doing deals at slightly below Home Report valuation, but there are instances of quick sales, closing dates and some deals at a touch over valuation. Presentation continues to be very important and a realistic expectation by sellers is also necessary.

“In recent weeks we have seen sales levels close to the same levels as insertions. That is very encouraging.”