The nine places the housing boom has completely missed

The markets are an example of what happens to real estate values ​​when an economy is hammered and does not receive the kind of financial support, such as the holiday plan, that has kept the country afloat during the worst of the pandemic.

When the price of oil plunged in 2016, house prices in Aberdeen fell 20%, Mr Bain said. “Some apartments have fallen by a third.” Since then, values ​​have slowly recovered with oil prices, which plunged again during the 2020 lockdown.

That year, annual house prices fell 5.9% in Aberdeen and 3.6% in the county.

“When you take a lot of people out of the oil and gas industry, rental investors can’t get the rents they want,” Bain said. In 2015, rental investors made up one-fifth of apartment buyers in Aberdeen. “Now we don’t have any. “

In 2016, a one-bedroom apartment in Aberdeen cost £ 110,000. Today it costs £ 80,000, or 27% less. “The price of apartments has fallen again this year. There is no competition at all. We ring at the office if we sell an apartment, ”he added.

But the housing market is getting stronger and stronger. The oil industry has since picked up, while the shift to remote working has resulted in increased demand for Scottish rural properties.

Before the pandemic, it was unusual for a property to have multiple offers. Today, two-fifths of home sales have bid closing dates.