Mr. Gruff

Aberdeen, Aspc Stats

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On 11/16/2017 at 2:16 PM, Diver Dan said:

Does anybody care that I continue these monthly snapshots? I think they're quite useful but they rarely seem to merit any comment.

Another here, Aberdonian living in London

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20 hours ago, Haddie said:

Still reading the thread DIVER DAN!.You are spot on about the prices and conditions  of the properties. 

Wife says I am a saddo.

,

Ditto!

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4 hours ago, Barnsey said:

Nae bad min, nae bad

 

7 hours ago, Barnsey said:

Another here, Aberdonian living in London

Me too...well nae a loon!

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Aberdeen ranked in top three for highest rent in Scotland - Evening Express

Renting a one-bedroom flat in the North-east is cheaper than it was in 2010 – but bigger properties have got pricier.

New Scottish Government figures show a one-bedroom property in Aberdeen or Aberdeenshire costs £501 on average, compared with £529 in 2010.

Over the same time period, the average monthly rental of a two-bedroom price has risen from £643 to £682 and renting three-bedroom property rose from £744 to £866 on average.

The figures show the area is the third most expensive place to rent property in Scotland after Lothian and Glasgow.

Dumfries and Galloway is the cheapest.

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11 hours ago, Diver Dan said:

So the report basically says between 2010 - 2017, the last 7 years, the rent of one bed flats have actually fallen, while 2 bed flats have risen by a very nominal 6%!

It's strange how Evening Express conveniently ignores the real headlines in the Govt. report!

http://www.gov.scot/Resource/0052/00527494.pdf

Quote
  • 15 out of 18 areas of Scotland saw increases in average 2 bedroom private rent levels between 2016 and 2017 (years to end Sept), ranging from 7.0% in Greater Glasgow to 0.7% in the Ayrshires. Rents for 2 bedroom properties in Aberdeen and Shire fell by 9.6%, the third consecutive annual decrease.

Aberdeen Rent changes from 2016 to 2017

  • 1 Bed property:   -11.5%
  • 2 Bed property:   -9.6%
  • 3 Bed property:   -6.9%
  • 4 Bed property:   -9.5%
 

 

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21 minutes ago, shortbread said:

So the report basically says between 2010 - 2017, the last 7 years, the rent of one bed flats have actually fallen, while 2 bed flats have risen by a very nominal 6%!

It's strange how Evening Express conveniently ignores the real headlines in the Govt. report!

http://www.gov.scot/Resource/0052/00527494.pdf

 

Good spot. I must have read 2010 as 2016 by mistake. I guess Aberdeen Journals have advertisements to sell and advertisers to keep happy.

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Was reading a report which mentioned Edinburgh and Glasgow as the fastest selling cities in the UK. 

Quote

While the average UK home takes 96 days to sell, up from 91 days a year ago, properties in the Scottish cities of Edinburgh and Glasgow were found to typically spend around half this time on the market before being snapped up, at 41 days and 50 days respectively.

http://www.dailyrecord.co.uk/lifestyle/money/two-scottish-cities-fastest-places-11536160

Which got me curious as to what the Aberdeen figure is, which none of the reports mention. But, I was able to pull a report from Home.co.uk, which gives this staggering figure.......Average time on Market Report for Aberdeen - November 2016 to November 2017..........212 DAYS!!

That's a 91% increase from the previous year. That's more than double the UK average of 96 days, Stunning!

5a142b6175b54_Aberdeenaverage.JPG.b99d22fc2af1e516593b73a24b963d3b.JPG

http://www.home.co.uk/guides/time_on_market_report.htm?location=aberdeen&lastyear=1

Would really appreciate if anyone could flag this, if my comparison is incorrect! Just to be sure I'm not looking at the wrong number.

Edited by shortbread

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3 hours ago, shortbread said:

Was reading a report which mentioned Edinburgh and Glasgow as the fastest selling cities in the UK. 

http://www.dailyrecord.co.uk/lifestyle/money/two-scottish-cities-fastest-places-11536160

Which got me curious as to what the Aberdeen figure is, which none of the reports mention. But, I was able to pull a report from Home.co.uk, which gives this staggering figure.......Average time on Market Report for Aberdeen - November 2016 to November 2017..........212 DAYS!!

That's a 91% increase from the previous year. That's more than double the UK average of 96 days, Stunning!

5a142b6175b54_Aberdeenaverage.JPG.b99d22fc2af1e516593b73a24b963d3b.JPG

http://www.home.co.uk/guides/time_on_market_report.htm?location=aberdeen&lastyear=1

Would really appreciate if anyone could flag this, if my comparison is incorrect! Just to be sure I'm not looking at the wrong number.

I think this is probably just about right, although it is possibly an underestimate. A very rough calculation based on average number of sales in Aberdeen/Aberdeenshire per quarter of approximately 1,200 properties = around 5,000 properties sold on the last 12 months. The average number for sale on the ASPC was also around the 5,000 mark, which therefore equates to an average time to sell of about 12 months.  This is not a wholly accurate estimate as I guess there are properties on the ASPC website that are outwith the Aberdeenshire boundary but nonetheless in the same ballpark. 

The reason I think the Home.co.uk figure may be a slight underestimate is that a significant number of properties are taken off the market during the winter months and re-advertised in the spring.  

Edited by Oily
addition

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"Better an empty house than a bad tenant." Said precisely nobody 212 days after they put it up for sale or after an average of 229 days up for rent.

Edited by Diver Dan

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Scotland Commercial Property Market Report Q3 - 2017

  • ABERDEEN: Total sales values in the city during Q3 2017 dropped to the lowest point since the SPF began collecting sales data in 2012. At only £12m, Q3 2017 was 84% lower than the total value of sales in Q2 2017 and over 50% down on the same quarter in 2016.
  • Scotland’s three largest cities - Aberdeen, Edinburgh and Glasgow - all saw the total value of their commercial sales fall in Q3 2017. When combined, the total value of sales across the three cities was £286m, down significantly from the previous quarter (Q2 2017) were sales for the cities totaled £479m.
  • Interestingly, Edinburgh came close to losing its dominance of the commercial property market in Scotland. Total sales values fell faster in the Capital than in Glasgow, with Edinburgh ending the quarter with sales of £153m, only £32m above the figure for Glasgow.

5a169bf65e761_Aberdeencommercial.JPG.d58b8ab36a1eee8818ac4d4485b59522.JPG

ABERDEEN: After a partial recovery of commercial sales in Aberdeen at the end of 2016 and start of 2017, the total sales values in the city during Q3 2017 dropped to the lowest value since the SPF began collecting data in 2012. At only £12m, Q3 2017 was 84% lower than the total value of sales in Q2 2017 and over 50% down on the same quarter in 2016. While this could be just a quarterly blip, some SPF members have reported that it could take several years for the Aberdeen market to readjust to current market conditions.


Notable Sales in Aberdeen:
• Denburn House (5,100 sq.m.) - Sold to Queensway Group for £3.5m.

http://www.scottishpropertyfederation.org.uk/sites/default/files/resources/Commercial Sales Jul-Sep17 1.pdf

I think what really showed an uptick previously in Aberdeen was the Chrysaor - Capitol deal earlier this year. Will need more such transactions for a turn around in the Aberdeen commercial market.

Especially in the city center far too many shops to let. Majority of the office blocks in the prime Albyn Place belt are now empty. Since the likes of BG group, PwC vacated the whole road has an eerily gloomy look to it, previously this was Aberdeen's office property hotspot. The massive Silver Fin building in the city centre is still looking for tenants. Soon the Marischal college office development will come into the market as well. To add to all this the empty office blocks that litter the Aberdeen outskirts, the council needs to push for lower rents and attract businesses into the city.

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New laws coming in for tenancy...

Looks in favour of the Tenant to be honest.

Another nail??

 

The Private Housing (Tenancies) (Scotland) Act 2016 which will take effect from 1 December 2017, will introduce a new 'private residential tenancy'. It's purpose is to improve security for you as a tenant and provide safeguards for landlords, lenders and investors

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2 hours ago, delboypass said:

New laws coming in for tenancy...

Looks in favour of the Tenant to be honest.

Another nail??

 

The Private Housing (Tenancies) (Scotland) Act 2016 which will take effect from 1 December 2017, will introduce a new 'private residential tenancy'. It's purpose is to improve security for you as a tenant and provide safeguards for landlords, lenders and investors

While it's definitely improved terms for tenants, I do not think its really biased. Its just fairer terms for both parties in my opinion.

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Hometrack October 2017 report

The Hometrack report is out, no surprises for Aberdeen:

Quote

Manchester (7.9%) and Birmingham (7.3%) are registering the fastest rate of growth. House prices in Aberdeen continue to fall (-3.1%) while the rate of growth across London continues to stabilise (3.0%) supported by tightening supply and lower turnover.

5a1ecf21a1aaf_Aberdeenaveragevaluechart.thumb.JPG.b1c4a302bb031b62d8e95d90753a78c8.JPG

While Scotland has witnessed steady growth over the last 3 years, Aberdeen has been the exact opposite, albeit nothing too drastic. Especially considering the scale of recent decline in local economy.

5a1ecfc963620_Aberdeencityoverview.thumb.JPG.f45e534ec34f5b1faaef8c0f955d8983.JPG

Comparing the October 2014 and 2017 average price figures for Aberdeen:

October 2014: £190,000

October 2017: £ 169,000

That's a 11% fall over 3 years, like I mentioned before nothing drastic but a chunky decline nonetheless!

sources:

https://www.hometrack.com/uk/insight/uk-cities-house-price-index/

https://www.hometrack.com/uk/about-us/press-room/october-2014-hometrack-uk-cities-house-price-index/

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5 hours ago, shortbread said:

That's a 11% fall over 3 years, like I mentioned before nothing drastic but a chunky decline nonetheless!

5 younger members of my family have recently bought, all telling me the market has dipped but oil is on its way back up. My brother has yet to buy but is eyeing houses in balmedie and ellon which, for me having grown up in ferryhill, hardgate and holburn street, is a joke of a distance.

If prices continue to fall at even a third of that rate then they may be paying their mortgages but they wont be making any inroads to clearing the market value of their home. In fact 11% in 3 years probably wipes out a 5% htb deposit and the 3 years capital repayments.

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Some interesting drops in prices recently;  11 Edgehill Terrace

Property type: Detached house | Last sale: £395,000 | Sale date: 23rd Oct 2017 - Less details
Property type: Detached house | Previous sale: £490,000 | Sale date: 12th Aug 2014
Property type: Detached house | Previous sale: £410,000 | Sale date: 28th Nov 2007

 

10 Rubislaw Drive - these sold new circa 2007 for about £425k.  This one just sold for £335k.

 

 

 

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Langskaill, Dalmuinzie Road, Bieldside, Aberdeen, Abn AB15 9EB
£750,000 Residential 15 Jun 2017  
£1,350,000 Residential 10 Jul 2012

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Hammerman Road - maybe should be called Taking a Hammering Road

64, Hammerman Drive, Aberdeen AB24 4SH
£445,000 Residential 03 Apr 2017  
£490,000 Residential 19 Jun 2007

 

 

62, Hammerman Drive, Hilton, Aberdeen AB24 4SH
£400,000 Residential 20 Dec 2016  
£480,000 Residential 13 Jul 2007

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On 16/11/2017 at 2:16 PM, Diver Dan said:

316 Sales on Rightmove for September in Aberdeen on Rightmove Aberdeen

5431 for sale on ASPC and 808 for rent.

Citylets sitting at 1196.

Following on from Quine above:

October's Rightmove sales figures are 343 sales for Aberdeen. Plenty of tasty reductions of you want to plough through the listings.

5293 properties currently on ASPC for sale and 748 for rent.

Citylets sitting at 1251.

Edited by Diver Dan

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4 hours ago, quine said:

Some interesting drops in prices recently; 

Some really chunky drops there.....mostly 25% +.....WOW

6 minutes ago, Diver Dan said:

Following on from Quine above:

October's Rightmove sales figures are 343 sales for Aberdeen. Plenty of tasty reductions of you want to plough through the listings.

Nonetheless many folk still look at advertised rates on ASPC and are convinced the market hasn't really moved. It's the sale prices that reveal the real picture.

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This is a new one

Quote

Oil industry executive jailed for dealing cocaine

A former project manager in the oil industry has been jailed for 54 months for dealing cocaine. Martin Wallace, 49, from Aberdeen was caught after a water leak from his flat dripped into the property below.

Defence advocate David Moggach said: "This was a spectacular fall from grace. Money was short, but he accepts he shouldn't have done this. Mr Moggach told the court that Wallace was a project manager in the oil industry until 2013 when he took time off to care for his sister.

The advocate added: "At this time he started taking cocaine because of stress. He purchased two flats in Aberdeen and hoped to make money renting them out to make a profit. "One of the flats was let to tenants who were involved in drug dealing and he became involved in their enterprise for financial gain.

poor chappie...

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