ABERDEEN Solicitors’ Property Centre Limited, in cooperation with the University of Aberdeen, Business School, Centre for Real Estate Research, has published statistics for the second quarter of 2024 relating to the Aberdeen Housing Market. The report is based on a constant quality methodology. The main points arising from the report are as follows: –

• The quarterly house price change in Aberdeen was 3.1%
• The annual house price change in Aberdeen was 0.1%
• The annualised house price change over 5 years in Aberdeen was 1.1%

Commenting on these 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 second quarter of 2024 makes for interesting, possibly encouraging, reading. I had confessed in our first quarter report that I was finding it difficult to categorise our local housing market, due to variations in data in different areas of our market, and types of housing. I had also referred to some degree of hope, however, because of encouraging signs of increased activity that we could see in the early part of the second quarter.

The 2nd quarter report from Aberdeen University Centre for Real Estate Research has confirmed that those signs were not false prophets. The 3 main indices all show increases. This is the first time this has been the case since 2022. This information, coming at the same time as we at aspc are finding levels of activity remaining high, encourages us to think our local market may be starting a gradual recovery towards pre covid levels.

We need to be cautious, as the second quarter of the year is, normally, the most active. External factors, however, may be more helpful than they have been for some time – particularly as there is a new Government and there may be a feeling of renewed optimism that things will change for the better. Other factors include inflation seeming to be easing down, the (distant) prospect of interest rates moving downward, and a general feeling of optimism.

I would like to see the second half of the year echo the first. While not expecting activity to match the level of the second quarter, we will have further proof of a market in recovery if the second half is correspondingly encouraging.”