Any homeowner, past or present, looking to sell their property will agree that nothing matters more than the time it takes to sell. Ideally, everybody wants a quick sale, but that, unfortunately, isn’t always the case. Underlying market conditions and sometimes just plain old luck are necessary to help achieve a sale. So, it’s essential to manage your expectations when it comes to predicting the length of time that you’ll be waiting should you choose to sell. More importantly, you can better prepare so it won’t come as a shock.
To sum up, Aberdeen’s average time on the market is very long. This is primarily due to factors such as the economic conditions, the local job market, and the population growth. In fact, the average time of writing is 481 days.
However, in this article, we’ll explore the different issues affecting the overall property market in Aberdeen. We’ll delve into the number of properties sold in a year, the average time it takes to sell a property, and the current property market’s forecast for the future. With all this information, you’ll hopefully be able to begin planning when you choose to sell.
Let’s get started.
How is the property market in Aberdeen?
The property market in Aberdeen has certainly faced its fair share of challenges over the years. However, there’s a silver lining for potential buyers. The current average price of property in the city is £185,705, around £100,000 lower than the UK national average. This means that if you’re looking to buy, Aberdeen offers a more affordable option compared to other cities. Many first-time buyers would be pleased to know that Aberdeen was one of the three cheapest places to purchase property last year.
However, those looking to sell will face the unique problem of waiting much longer to find buyers for their property. The average time it takes to sell varies by the type of property.
Average time on the market by property type
- Detached Property: 227 days on the market.
- Semi-detached Property: 223 days on the market.
- Terraced Property: 301 days on the market.
- Flat: 638 days on the market.
As you can see, selling most types of property within a year is possible. However, flats are notoriously tricky to sell in Aberdeen. The average selling time for flats has the most impact on the overall selling time.
Of course, location and area are significant factors that can either make or break your plans for a quick property sale in Aberdeen. A property in a location where nobody wants to live will generally take far longer than one in demand. With that considered, what areas are the best in Aberdeen for a quick sale?
Notable postcodes for selling fast
According to recent reports, the postal code AB45 in Aberdeen is the most in-demand area for property. Here, it takes an average of 79 days to sell a property. The areas AB39 and AB42 are not so far off, and it takes 81 and 88 days to sell properties, respectively.
On the other hand, if your property is in the AB10 postcode, you’ll face the most extended wait, at 142 days. Similarly, the AB55 and AB51 postcodes don’t fare much better, with an average of 136 and 127 days before a property is sold.
Is it a good time to buy a house in Aberdeen?
Now, if you’re considering buying in Aberdeen, you’re in a unique position. The market is in your favour, with property prices in Aberdeen lower than most other areas of the UK.
Last year, Aberdeen was the only place in the UK where property prices had fallen. This presents a potential opportunity for buyers to secure a property at a lower price. However, for those planning on buying low and selling high soon, Aberdeen may not be the place for this, especially with recent prices dropping rather than increasing.
Additionally, most investors will find having to wait longer to sell a property may be a deal-breaker.
On the other hand, properties taking longer to sell greatly benefit buyers; they have the luxury of time. Buyers can inspect and evaluate multiple properties before making a decision. This is a significant advantage for buyers, who don’t have to worry about losing out to someone else. While not ideal for sellers, this situation provides a sense of security for buyers.
Overall, if you’re planning to live in Aberdeen for the foreseeable future and aren’t seeing it as a temporary move, then now is a great time to buy property in Aberdeen.
At the time of writing, the average price of property in Aberdeen by type of property is:
- Detached – £327,078
- Semi-detached – £222,895
- Terraced – £166,286
- Flats – £115,937
What is the Aberdeen property market forecast for 2024?
So, what will happen to property prices in Aberdeen this year? We’re not halfway through the year yet, and the UK is in a recession. Property prices have dropped more in Aberdeen in recent years than anywhere else. How much better is Aberdeen likely to fare with a recession?
A drop in prices is likely
Well, there are many different opinions out there. However, the current consensus is that house prices will likely drop by around 2% across the UK. Aberdeen may face a more significant percentage drop due to the recession. This could lead to an increase in the average time it takes to sell a property. This all depends on whether or not the demand for property in Aberdeen increases over the remainder of the year.
One thing is for sure: if you’re looking to sell a house fast this year, you may struggle to get bids at or above higher than market prices. The market in Aberdeen is definitely in favour of buyers.
What time of year is best to sell a house in Scotland?
According to Rightmove, the best time of the year to sell is from March or the Spring to Summer months. In Scotland, this would be no different, understandably so.
During the winter, it can be hard to entice buyers to come out in the bad weather to look at your property. With reduced daylight hours, it’s a miracle if they can see anything that will help sell your property!
Selling in Aberdeen
The important thing is to remain calm and patient. Your property will likely eventually sell, but when and where your buyer will materialise is challenging. This reassurance can help sellers feel hopeful about the future sale of their property.
You may need to explore options such as a cash house buyer like us at We Buy Any Home. One thing is for sure: we appreciate the types of properties available in Aberdeen. If you’re looking to sell and don’t want to wait any longer, get in touch, and we’ll give you a free cash offer.
