Property prices in Aberdeen have risen for the first time in two years.
The Aberdein Considine quarterly property monitor shows the average value of homes in Aberdeen rose to £202,011 between April and June. This is an increase of 1.7% compared with last year’s figures.
In Aberdeenshire, homes have also been rising in value as the oil and gas sector improves. Houses in the region have risen to £211,149 – an increase of 0.3%.
It comes at the same time as a national surge in sales, which has pushed the Scottish market to an 11-year high.
Transactions worth more than £8 billion were made across the country between January and June this year.
Robert Fraser, senior property partner at Aberdein Considine, said: “Buying a house is not something people do with tomorrow or next year in mind.
“It’s a considered decision which most purchasers take with a medium to long-term view – and these figures suggest people are looking beyond the current political and economic headwinds with a degree of confidence.”
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The market is improving as optimism in the North Sea oil and gas sector rises.
Industry body Oil & Gas UK has estimated that 10,000 more jobs will be supported in 2019 than last year. This creates more stability in the city, driving demand for some property types.
Mr Fraser added: “As the optimism around the oil and gas sector, as well as news of longer term investment plans, has filtered through, demand for housing has pushed prices higher.
“Aberdeen and Aberdeenshire have seen a marked change in buying patterns during the last few months, which is reflected in the type of activity in both areas.”
However, those looking to sell their homes in the north-east are still facing challenges. More than 6,000 houses and flats are up for sale in the region, including many city centre flats.
In 2014 there were only around 3,000 on the market.
Mr Fraser added: “Savvy buyers and investors have been active in the Aberdeen market for several months now.”