There is fresh optimism among Aberdeen's solicitor estate agents after a new report revealed the prices are rising in Aberdeen once again.
Figures from Aberdeen Solicitors Property Centre (ASPC) and University of Aberdeen show property prices in the city were up 3.1% in the second quarter of 2024, compared to the first quarter of the year.
The shift in value has seen the average sale price of a detached homes in Aberdeen rise almost £10,000 in just three months to £325,534.
ASPC chairman John MacRae said it’s the first time since 2022 prices have shown increases across the three key metrics – quarterly, yearly and over five years.
Prices are up marginally on a year ago and are 1.1% higher than pre-Covid levels.
"At ASPC, we are finding levels of activity remaining high, which encourages us to think our local market may be starting a gradual recovery towards pre CV19 levels," he said.
A total of 1,383 properties were sold through ASPC between April to June. In terms of transactions, this is up 44.1% compared to Q1.
Mr MacRae said: “We need to be cautious, as the second quarter of the year is, normally, the most active.
"External factors, however, may be more helpful than they have been for some time – particularly as there is a new government and there may be a feeling of renewed optimism that things will change for the better.
"Other factors include inflation seeming to be easing down, the (distant) prospect of interest rates moving downward, and a general feeling of optimism.
"I would like to see the second half of the year echo the first. While not expecting activity to match the level of the second quarter, we will have further proof of a market in recovery if the second half is correspondingly encouraging."