Good news for Aberdeen home owners! House prices in the Granite City are on the rise again, with experts hopeful the market is finally shaking off the post-pandemic slump.

A brand new report from Aberdeen Solicitors Property Centre (ASPC) has revealed that the average price of a detached home in Aberdeen has jumped by almost £10,000 in the last three months. That means the average detached property will now set you back £325,534.

And it’s not just detached houses that are seeing an increase – across the board, prices were up by 3.1% in the second quarter of 2024, compared to the first three months of the year. This marks the first time since 2022 that prices have risen across all key measurements – quarterly, yearly and over the last five years.

What’s behind the Aberdeen property bounce?

John MacRae, chairman of ASPC, believes there are a number of factors contributing to this positive trend. He points to high levels of activity in the market, with 1,383 properties sold through ASPC between April and June this year – a huge 44.1% increase compared to the first quarter of 2024.

MacRae also suggests that a renewed sense of optimism, driven by the new government and the possibility of positive change, may be encouraging buyers back into the market.

And there are other glimmers of hope for the Aberdeen property market. Inflation appears to be easing, interest rates may soon start to fall, and there’s a general feeling that the economy is turning a corner.

Is this the start of an Aberdeen property boom?

While it’s still too early to say for sure, the latest figures suggest that the Aberdeen property market is finally starting to recover.

MacRae urges a note of caution, reminding us that the second quarter of the year is traditionally the busiest period for property sales. However, he remains optimistic about the future: “We need to be cautious, as the second quarter of the year is, normally, the most active.”

“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.”