New figures have revealed “positive” movements in the north-east housing market in the fourth quarter of 2020.
ASPC, in cooperation with Aberdeen University Business School, has published new statistics for the end of the year relating to the Aberdeen housing market.
House prices in Aberdeen City and the suburbs had risen by 3.3%, with the annual house price change for the same area rising by 4.9% since the previous quarter.
However, the annualised house price change over five years in Aberdeen City and suburbs had dropped by 3.7%.
John MacRae, chairman of the board of directors of ASPC, said the report had produced “unexpected” results.
He said: “The report released by the Centre for Real Estate Research at the University of Aberdeen Business School, for the fourth quarter of the year, has produced a surprise.
“Normally, even in years when our local housing market had been active, the last quarter would disclose a lessening in activity as the year drew to a close.
“In 2020, we have seen the fourth quarter produce the unexpected result of positive movements across two out of three categories.
“This is a surprise to me, and a rather welcome one, at that. Let me hasten to dampen speculation that this may herald a return to rising prices – I think the figures may be reflecting a particular set of circumstances rather than a trend.
“As we all know last year was very different, with an almost complete cessation of activity from late March until mid-summer, because of lockdown. After lockdown ended, our market recovered quickly and activity was at a high level, presumed to be solely down to a “catch up” effect.”
“While sales were at a healthy level, we did not think prices were affected to any great extent.
“The latest figures show that prices did feel the effect of the increased activity, with the fourth quarter showing increases for quarterly and annual indices. The quinquennial index, however, remains a negative figure (-3.7%).”
John said properties which were well-presented sold close to, or at, valuation.
He added: “One thing that was noticeable in late 2020 was that properties coming to market that sold well, were presented well. ‘Staging’ a property is now more important than ever in our very competitive market and sellers should take the time and make the effort to plan their marketing, taking time to assess weak points, and, where possible,
“In the last quarter of 2020, those properties that were well presented sold close to, or at, valuation.”