If you’re the owner of a flat in Aberdeen, you may be wondering whether now is a good time to sell. The property market in Aberdeen is highly dynamic, and several factors can influence your decision. These factors include the state of the economy, market rates, and buyer demands.
In this article, we’ll examine the current state of the Aberdeen property market and determine whether it’s the right time to sell your flat. Additionally, we’ll provide actionable tips to help you sell your flat efficiently while maximising its value.
Let’s dive in.
Flat pricing in Aberdeen
A great starting point in determining whether or not it is a good time to sell a flat is to consider the current pricing for a flat in Aberdeen. So, to do this, we’ve provided some facts and figures to help paint a picture of how much flats are currently going for.
Take a look below:
- Average Asking Price: £116,643 (Up 1% from the previous year)
- Average Time on the Market: 611 days (Up 16% from the previous year)
- Number of Flats Listed for Sale: 1426 (Down 19% from the previous year)
From the figures above, we can gather that it seems the average asking price has remained quite stable compared to last year. But is this actually the case? Well, if you look at the average asking price over a longer duration, you’ll find that flat prices have gone down considerably. In fact, in 2007, the average asking price for a flat in Aberdeen was £147,192, which would mean that current prices are down by 21%. So if you have owned a flat for 15 years or more, you may find that selling will result in a loss.
Moreover, if you look at the average time on the market, you may find that selling a flat may not be a quick affair. In fact, it takes, on average, almost 20 and a half months! This may be way too long for some to wait.
These figures indicate that selling a flat in Aberdeen can be challenging. However, it doesn’t necessarily mean that now is not a good time to sell. The market is volatile, and things can change quickly. It’s possible that in the next year, selling a flat may become more comfortable and profitable, but it could also go in the opposite direction, resulting in an even more prolonged sale. Therefore, it’s crucial to assess the current market for flats in Aberdeen and determine the best course of action from there.
The Current market for flats in Aberdeen
When considering the current market for flats in Aberdeen, it’s important to understand the general dynamic of the market and what has led to the current situation. There are three main reasons why flat prices have fallen so much over the years and also why it takes longer to sell.
The first reason is the downturn in the oil and gas industry. Aberdeen has for a long time been reliant on this industry, and it was one of the main reasons why people moved to and stayed in the city. However, the downfall in 2014 resulted in job loss and reduced investment, which resulted in lower demand for property.
The second reason is due to the impact of the Covid pandemic. Although it has been three years since the fallout, the economic outlook and cost of living crisis continue to affect cities like Aberdeen.
The third factor is the relative performance of Aberdeen compared to other Scottish towns and cities. Especially with cities like Glasgow and Edinburgh flourishing, it has caused lower demand for properties in Aberdeen.
Despite the current challenges faced by the property market in Aberdeen, there is still hope. If the city can find ways to integrate other industries, it may help address some of these issues and potentially increase demand for flats.
Furthermore, there’s been a 19% decrease in the number of flats listed for sale this year compared to last, which could work to the advantage of someone looking to sell their flat. However, other factors such as the quality of the property, location, and overall buyer demand will influence the likelihood of securing a quick sale at the desired selling price..
Now that we’ve covered the current market surrounding flats in Aberdeen, it’s time to weigh up the pros and cons before deciding whether or not it’s a good time to sell a flat in Aberdeen.
Pros of selling your flat
Cash in property value to purchase your next one / other needs
If you’re looking to move or need access to the property value for other needs, then it would make sense to sell.
Avoid the hassle and cost of being a landlord.
It may seem lucrative to rent out the property instead of selling. However, you’ll need to pay the costs of finding tenants and ensuring the property remains in a livable condition. This can become costly both in terms of finances and time too.
Take advantage of the improving market condition.
As the market condition has remained stable rather than deteriorating further, it may be a good time to sell now to avoid any further depreciation. The best way to make sure this is a good idea is to get a valuation and determine if the current value would be worth it for your individual circumstances.
Cons of selling your flat
May lose money
On the other hand, if you sell now, you may be selling at a loss for what the flat was originally purchased for. When it comes to property, most would assume you’ll get a return of more than what you originally paid for; however, in Aberdeen, this isn’t always the case.
Miss out on future appreciation.
As the market condition in Aberdeen hasn’t been the best over the last ten years, it may get better. This ultimately depends on the economy and how well Aberdeen can react.
How to sell your flat in Aberdeen
If you’re looking to sell your flat in Aberdeen, you have two options. Option 1: Selling on the open market, and Option 2: finding a cash buyer.
Option 1: Selling on the open market
The first option is to sell on the open market with the conventional route. This is where you contact an estate agent and proceed to list the property for sale. As mentioned above, the average time on the market through this route is 611 days.
However, there’s a second option which allows you to sell a flat fast.
Option 2: Cash House Buyer
Using a cash house buyer like us at We Buy Any Home can result in a quick and easy sale. In fact, we can conclude a sale in as little as seven days if required. All you have to do is get in touch using our enquiry form to receive a free cash offer. Don’t worry; the cash offer isn’t there to lowball you. We’ll offer a price based on market value through a fair and transparent service.
After considering the current market conditions in Aberdeen’s property market, it’s clear to see that there are both pros and cons in selling a flat at this time. With all things considered, it ultimately depends on your personal situation. However, one thing is clear – selling a flat quickly in Aberdeen may not always be possible. That is, of course, on the open market. However, if you need a quick and efficient sale, then get in touch with us at We Buy Any Home.