North East performance echoes rest of country

The exceptional performance of Scotland’s housing market post lockdown has echoed across the North East of the country, which includes Aberdeen, Aberdeenshire, Banffshire, Kincardineshire, Angus, Dundee and Moray. The market here is being driven by the pent-up demand that was present even before the lockdown in March and has since been amplified by changing buyer needs, with a renewed appetite for space.

This was demonstrated in the 74% increase across the North East in the number of sales subject to contract from July to October 2020 compared to the same months last year, according to data provider TwentyCi. Ongoing price adjustments have enabled this recovery, with realistic asking prices translating into multiple bids and Offers Over premiums, attracting buyers from other parts of Scotland and beyond.

As we look forward, we are encouraged by a buildup of new buyer registrations and a rise in viewings in the North East, which have risen annually by 74% and 139% respectively from July to October this year. But strong levels of supply in some areas mean that we are unlikely to see any meaningful growth in values in the medium term. Pragmatism among sellers will be essential to ensure a continuation of recent market trends. Economic challenges and ongoing restrictions due to Covid-19 are likely to necessitate this.

_{Read the articles within Spotlight: North East Scotland Residential below.}