Aberdeen named as UK property hotspot with homes selling in just nine days
03-16-2014
Aberdeen is the UK’s new property hot spot with properties in parts of the city selling in an average of just nine days, new research shows.
Three Aberdeenshire postcodes took the lead as the fastest selling hot spots with a further three featuring within the top 20, according to the latest research report from residential property company Move with Us.
The research, conducted in conjunction with Home.co.uk, reveals that properties in postcode areas AB22 are selling in an average of just nine days, with AB12 and AB32 taking second and third places.
Other fast moving locations in the UK were Sutton near London where properties in the postcode SM5 are selling in just 15 days. This was closely followed by CB1 in Cambridge and BS7 in Bristol with 16 and 18 days respectively.
The highly skilled workforce in the leafy city of Cambridge combined with fast commuter times to London are cited as reasons for its quick property sales. The shortage of properties for sale combined with increased buyer numbers due to Help to Buy have created a fast paced market in Bristol, according to the research report.
It will come as no surprise that properties in London were also among the fastest sellers in the county, with the top areas being SE2 in Bexley, SE17 in Southwark and EC4 in the City of London, taking an average of 13, 17 and 20 days to sell respectively.
‘The postcodes in the top 20 highlight areas where there is a skilled workforce, indicating higher wages and subsequently a fast paced property market,’ said Robin King, director of Move with Us.
‘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,’ he explained.
According to Bob Fraser, Senior property partner from law firm Aberdein Considine, 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,’ he said.
‘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 to six bedroom family homes being built which are marketed in excess of half a million pounds. These move in slightly slower timescales than flats,’ he pointed out.
‘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,’ he added.