Oil price and NE property market
Discussion
Having been looking hard at the Aberdeen housing market for a couple of years, the trend was upward until the referendum, when it stagnated. Obviously there are still houses selling. However after the referendum and the SNP revealing their (old) new stamp duty there were some more houses on the market.
I have noticed that there haven't been many houses going to closing date, mostly houses (300k-500k) just going under offer. Some houses have been coming back on the market, as no longer under offer, now I'm not sure if this is due to the economic effect in Aberdeen or just folk getting cold feet. There have also been some which have been over priced and have had reductions one in the region of 10%. However in the past week or so it has picked up again (could just be Christmas) but there are more houses going to closing date.
I have noticed that there haven't been many houses going to closing date, mostly houses (300k-500k) just going under offer. Some houses have been coming back on the market, as no longer under offer, now I'm not sure if this is due to the economic effect in Aberdeen or just folk getting cold feet. There have also been some which have been over priced and have had reductions one in the region of 10%. However in the past week or so it has picked up again (could just be Christmas) but there are more houses going to closing date.
James B said:
At the moment the granite built city centre houses seem to be moving at a decent pace. The days of 20% over asking are gone for sure but two decent houses (£600k bracket) have just sold for 10% over valuation in the last week.
The Stamp Duty rise is also meaning there's a lot of incentive for people thinking of a move to get their house on the market and another one bought so it's expected that the next week or two will see some £600k + homes come on. Today there were two reasonably significant houses arrive on the market in Cults and Rubislaw Den; £900k and £1.4m respectively. I would expect the latter to be sold in 14 days because the buyer is saving £60k for making a speedy decision. I'll keep an eye on what it goes for, if anything, over asking/valuation.
To update this a little further there is no sign of the market for granite city centre houses slowing.The Stamp Duty rise is also meaning there's a lot of incentive for people thinking of a move to get their house on the market and another one bought so it's expected that the next week or two will see some £600k + homes come on. Today there were two reasonably significant houses arrive on the market in Cults and Rubislaw Den; £900k and £1.4m respectively. I would expect the latter to be sold in 14 days because the buyer is saving £60k for making a speedy decision. I'll keep an eye on what it goes for, if anything, over asking/valuation.
A Queens Rd house in need of major updating closed last week after two weeks on the market at above asking which was £850k and the Rubislaw Den house I mentioned above also went for over asking. I don't know percentages but would be surprised if it was below 7%.
ViperPict said:
Hi folks. I'm aware of the other thread relating to oil prices but this question is sufficientky different I think to warrant a different thread.
Has anyone in the NE had any direct evidence of the housing market in the north-east being affected yet by the low oil price?
There will be no effect whatsoever. Complex systems theory, my lad Has anyone in the NE had any direct evidence of the housing market in the north-east being affected yet by the low oil price?
simoid said:
rossub said:
Agreed. There's no way house prices will stay at the current level with an extended period of oil prices at $50-60.
ViperPict previously said that independence would have no effect on the Scottish economy, that's what my quip was. I wasn't being serious Back on topic please. For instance, has the oil price affected the amount Sevco will get for pawning Ibrox next month? ;-)
ViperPict said:
simoid said:
I'm not misquoting you. It was on topic - I was wondering if your economic concepts applied to Aberdeen' property market as well as a theoretical independent Scotland. If they don't, that's cool.
If you think I'm misquoting you that's cool too.
NFD required
WhateverIf you think I'm misquoting you that's cool too.
NFD required
Might of made a nice deposit on a nice buy to let
McWigglebum4th said:
ViperPict said:
simoid said:
I'm not misquoting you. It was on topic - I was wondering if your economic concepts applied to Aberdeen' property market as well as a theoretical independent Scotland. If they don't, that's cool.
If you think I'm misquoting you that's cool too.
NFD required
WhateverIf you think I'm misquoting you that's cool too.
NFD required
Might of made a nice deposit on a nice buy to let
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