Aberdeen’s property market is currently “split”, with busy levels of activity at the lower end but higher-end sales going through a subdued phase because of lower oil prices, an expert says
Bob Fraser, senior property partner at Aberdeen law firm Aberdein Considine, adds the overall market is robust by any standards, compared with other parts of the UK.
But the impact of an oil and gas industry downturn is being felt at the top end, where fewer sales are providing would-be buyers with opportunities to negotiate on price, he says.
Mr Fraser also says the mortgage market is “very buoyant”, with continued low interest rates and good deals for first time buyers with reasonable deposits combining to create the best conditions for years.
The sluggishness for sales of more expensive homes is likely to continue for a while, he says, adding: “I don’t think we will see a return to the conditions we have over the last few years for several months, and possibly into next year.”