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Aberdeen is property hotspot

Ryan Fowler

March 11, 2014

The residential property experts said properties in Aberdeen are selling in an average of just nine days.

Other fast moving locations in the UK were in Sutton, Greater London where properties in the postcode SM5 are selling in 15 days.

Bob Fraser, senior property partner from Aberdein Considine, said: “Demand in the current market is predominantly in flats anywhere within a commutable distance of Aberdeen.

“The region attracts a large number of highly paid workers in the oil and gas industry. Due to high rental yields in the region, the higher level workers in the industry often buy property and lease it to the newcomers who are often on shorter contracts.

“Over the last few years the top end of the market has been driving sales in the area with an increase in the number of four – six bedroom family homes being built which are marketed in excess of half a million pounds.

“These move in slightly slower timescales than flats. Now the market has returned to a more traditional model with lower end properties driving sales.”

“Off the back of a busy autumn we now have over-subscribed demand and a shortage of supply of properties which means properties are selling extremely quickly.”

Properties in Cambridge are also selling in 16 days, which the report attributed to a highly skilled workforce combined with a fast commuter time to London.

In Bristol they sold in 18 days, with a shortage of properties and an increase in first-time buyers in the area.

Robin King, director of Move with Us, said: “The postcodes in the top 20 highlight areas where there is a skilled workforce, indicating higher wages and subsequently a fast paced property market.

“In such a fast moving market, for a buyer to be in with a chance of securing their ideal property, they will need to ensure they have a mortgage agreed in principle and are legally prepared early on in the process so that contracts can be issued by their solicitor within 48 hours of an offer being accepted.

“Without these things in place, buyers will often lose out to cash buyers and savvy investors.”

Properties in London were amongst the fastest sellers in the county, with the top areas in Bexley, Southwark and the City of London taking an average of 13, 17 and 20 days to sell.


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