While the property market in the city has certainly been affected by the oil-based economy on which much of its wealth relies, it remains a popular city and has a huge range of new homes currently under construction in and around it.
The city’s Strategic Development Plan sets a target of around 3,000 new homes a year to cater for a population of about half-a-million by 2035, and recently the Labour Party in the city pledged to direct a substantial number of homes to public sector workers, should it be elected, a mix of council homes and those available under affordable housing schemes.
There are still well over 40,000 people employed in the North Sea Oil industry living in and around the city, there is still a great deal of wealth in the city, and with two universities and a student population of around 11% of its total – higher than the national average of 7% - there are also great opportunities for buy-to-let investors looking for a steady supply of tenants.
In a November 2016 report on the property market in the city, Savills said: “The buoyant oil-based economy in Aberdeen has resulted in a supply of contemporary homes built to a high specification and beautifully refurbished period properties. Many owners have witnessed their homes double in value since 2005. There is now a large level of equity, which will provide owners with some protection from price falls.”
Data from property industry experts Hometrack showed that while at the peak of the market in around 2014, the average price in Aberdeen was over £200,000, it is now around £181,000.
While transaction levels have dropped in the city, the specification of new build homes and the assistance schemes offered to buyers by housebuilders may bring attention to the new homes sector.
Among the new homes for sale in Aberdeen now are:
CALA Homes, a former WhatHouse? Housebuilder of the Year, is busy in its home town at Milltimber Grange, part of the Oldfold Village development in the west of the city, and has recently submitted plans for more new homes there to bring the total to 550 when completed. Currently, prices range between £365,000 and £579,000 for the variety of three- to five-bedroom homes for sale. Three show homes are open at the scheme and Part Exchange is available.
The company is also offering apartment living in a more central location at Parklands with a mix of two- and three-bedroom properties and only two left to purchase, priced from £234,995. These contemporary homes are set within mature grounds and are within easy reach of amenities in Rosemount and the West End. There’s lift access to all floors and each property has its own allocated parking.
Barratt Homes is another busy housebuilder around the city. Its own apartment collection, Ocean, has prices starting at £209,995 and has the Help to Buy Scotland scheme available on some plots. As the name suggests, these properties have views across the coast, and are located between Old Aberdeen and the River Dee.
Just north of Westburn Park is Westburn Gardens, with a choice of newly released apartments and houses, with a mix of refurbished old granite buildings and new builds. Prices currently start at £200,000 at this development.
Three- and four-bedroom houses are now available at Mill Brae, the Barratt development in Dubford, Bridge of Don. Prices currently start at £219,995 for these homes just over four miles from the heart of the city.
In the north-west of the city in Bucksburn is Burnside @ Riverside Quarter, with a starting point of £200,000 for a collection of two- to four-bedroom homes. The area has a number of schools and plenty of convenient amenities. There is Part Exchange available, and two show homes are open seven days a week to house-hunters.
Close by, Persimmon @ Riverside Quarter offers three- and four-bedroom homes and assistance through Part Exchand and Home Change schemes. There will be 63 homes in all, with a mix of terraced, semi-detached and detached house types. The current range starts at £229,950.
Stewart Milne Homes is also building in this area. The Plaza @ Riverside Quarter, with its own designs of three- and four-bedroom family homes from £243,495. Visitors to the site can ask the sales team about a range of assistance schemes offered by the housebuilder.
Just south of Aberdeen is another development from this housebuilder. Charleston is in Cove and comprises two-, three- and four-bedroom homes in a contemporary styling.
Only a few miles from central Aberdeen are two more developments from Stewart Milne: in Countesswells, Regency Place has a choice of two- and three-bedroom proeprties; and in Kingswells, Den View, which currently offers three- and four-bedroom homes from £257,995.