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Aberdeen Property Market 2020 Review
The Scottish housing market enjoyed a house price growth spurt in the opening months of 2020 with a 3.2% increase in house prices compared to a year earlier.
Following the lockdown implementation in March 2020 the housing market came to a halt during the traditionally busy spring period. In April, property sales in the UK dropped by more than half to 37,300 transactions (compared to 87,860 in April 2019) according to UK government figures.
As restrictions eased up in June 2020, the Scottish housing sector bounced back quickly and the property market boom has continued to increase with each passing month. In Aberdeen, sellers are still doing deals at slightly below Home Report valuation, with some instances of quick sales, closing dates and some deals only slightly over valuation.
Average House Prices in Aberdeen
As restrictions eased, the Aberdeen property market picked up and the average price for property increased by 1.38% since September 2020. However, over the last 12 months, the average price of homes in Aberdeen fell by 0.09%.
In terms of property types, flats in Aberdeen sold for an average of £150,000 while terraced houses sold for around £206,000 according to current Zoopla estimates.
Aberdeen Property Market Predictions: What to Expect in 2021
- The time to sell has increased significantly across some parts of the Scottish property market. In Aberdeenshire property selling times have increased by an average of 58 days (Bear this in mind if you’re looking to sell your property in that area anytime soon).
- We expect to see a last-minute surge of prospective buyers in January 2021, as purchasers try to beat the deadline for the stamp duty holiday (due to end on March 31st 2021).
- The Government’s First-Time Buyer Scheme will re-open again for applications in April 2021 to help new home buyers get onto the property ladder.
- Sellers must be aware of changes to buyers’ attitudes as a result of the pandemic. Discover the changes to buyer wish lists in our recent guide.
Quick! Save Money with the Help of the Scottish Government’s Land and Buildings Transaction Tax (LBTT) Holiday
From July 15th 2020 until March 31st 2021, the Scottish Government introduced an LBTT property tax holiday to boost the Scottish housing market during the pandemic.
The LBTT holiday could save property buyers significant amounts of money, but it will vary depending on the price of the property. If you’re looking to buy a property before March 2021, read our LBTT holiday guide to put your home buying plans into action.
Get a Home Report from Home Report Company
Getting a Home Report early in the selling process is the ideal way for sellers to prepare for the future and reassure potential buyers. Read our expert guide to learn more about Home Reports and the different documents included in the pack.
If you have any questions about buying or selling property or would like to ask us for more information give us a call 0131 608 0175 or email enquiries@homereportcompany.co.uk.
