We pinched a few moments of Laura and Ali’s time to ask for a general property market update; trends, expectations and experiences. They shared the below which was also cited in Aberdeen Business News, read the article here!
“Based on our insight and expectations, the Aberdeen city and shire property market has defied expectations for Q1. We’ve seen a surge in activity much earlier than anticipated, and compared to previous years.
Buyer confidence has been boosted by the stabilising mortgage rates, particularly in the first-time buyer market. 51% of our properties listed were sold in Q1, demonstrating a clear market shift. Notably, 50% of those properties achieved or exceeded their asking price. This increased competition is leaded to higher offers and closing dates for some properties, creating a more fast-paced environment.
The importance of national reach is evident in the rise of sellers looking to strategically list their properties on the national property portals to maximise exposure.
With stable stock levels and increased demand (compared with previous quarters), we’re expecting Q2 to be another busy period. The true test will be whether demand can keep pace with the anticipated ‘spring surge’ of properties coming onto the market. Only time will tell, but we feel the market indicators of the first few months of 2024 paint a positive picture for the Aberdeen property market.”
If you’re thinking of listing your home and interested to speak to Laura, Ali and the team about your specific property and area, please get in touch and we’d love to chat through your questions, concerns and next steps.
Aberdeen: 01224 218450 | Inverurie: 01467 530591
Aberdeen: aberdeen@northwooduk.com | Inverurie: aberdeenshire@northwooduk.com
207-211 Rosemount Place, Aberdeen, AB25 2XS | 23 West High Street, Inverurie, AB51 3SA
