Table of Contents
- Auction Properties In Aberdeen
- Property Prices In Aberdeen
- Where Should You Look For Auction Properties In Aberdeen?
- Auction Properties in Aberdeen FAQ
- What Type Of Auction Property In Aberdeen Should You Look For?
- Five Good Reasons To Buy Auction Properties In Aberdeen
- Some Final Thoughts About Buying Auction Properties In Aberdeen
Auction Properties In Aberdeen
Buying Auction Properties In Aberdeen
The steady increase in Scottish house prices makes buying auction properties in Aberdeen an attractive proposition. This coastal city has an ample choice of houses and flats in both affordable and more exclusive areas. First time buyers appreciate the diversity of properties available and investors from far and wide have put Aberdeen as a priority on their list of must have sites. If you are thinking about buying auction properties in Aberdeen this article will help you with some essential information.
Property Prices In Aberdeen
Scotland has generally shown a healthy increase in property prices and in the year to March 2020 the average increase in house prices was 1.5%. However, price levels are dictated by the number of properties available and location. In contrast to the national trend, Aberdeen saw an average annual decrease of 3.5% in house prices from 2019 to 2020 making this an ideal opportunity for investors to pay less for a property.
The average cost for a house in Aberdeen is £214,451 with flats costing around £150,000 and terraced properties costing about £205,000. Auction properties in Aberdeen can cost up to 30% less than those sold through estate agents. In the city centre you can find a 2 bedroom flat with a guide price of between £75,000 and £105,000. It is important to note that prices will always depend upon location, local amenities and the condition of the property.
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Where Should You Look For Auction Properties In Aberdeen?
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Situated in North East Scotland, Aberdeen is a small but thriving city. The oil boom that started in the 1970s continues to make this city an attractive place to live and work. The Industrial revolution transformed urban development in Scotland and many houses in Aberdeen were constructed from red or yellow sandstone. There are many flats within larger houses as well as modern properties. Several nearby towns to Aberdeen are promising places to look for auction properties.
Sitting 15 miles South of Aberdeen on the North East coast is Stonehaven. The A90 road links Stonehaven to Aberdeen and the rest of Scotland with buses providing travel to the city and Aberdeen airport. A 1-bedroom flat in the town will cost around £95,000 and there are plenty of larger properties available.
The small village of Elrick is West of Aberdeen and lies on the A944 road. Properties in Elrick are not cheap but there are some new developments and Aberdeen is only 4.5 miles away. A 4-bedroom detached house will cost in the region of £425,000. This is a quiet village and has few amenities but is ideal for anyone wanting a quiet life and an easy commute into the city.
Balmedie is another village close to Aberdeen. Stagecoach East Scotland provides buses that run to the city as well as Fraserburgh and Peterhead. There is a primary school, a few shops and a hotel. Prices for properties in Balmedie range from £80,000 for a 1-bedroom flat up to £240,000 for a 4-bedroom detached house. The village provides good value for money for investors.
Seven miles south of Aberdeen is Portlethen, a coastal town with an hourly rail service to and from Aberdeen. The village has a range of property types including bungalows, large detached houses and 3-bedroom terraced homes. Former 3 bedroom council homes are up for sale at the modest price of £150,000.
Dyce is located on the River Don and is home to Aberdeen airport. The opening of the Aberdeen bypass has helped to make Dyce easily accessible by road. There is also a railway station which serves the Aberdeen to Inverness line. Properties in Dyce are highly sought after by families who are relocating and investors. A new build 1-bedroom studio flat will command a starting price of around £110,000.
Auction Properties in Aberdeen FAQ
How Can I Find Auction Properties In Aberdeen?
Look at auction websites which show a list of properties for auction in Aberdeen and future property auction dates. Check local news outlets for up to date information about possible property auctions. You can also find auction houses listed on flyers and in business information directories.
How Much Are Auction Properties In Aberdeen?
Prices for auction properties in Aberdeen vary according to location and the state of the building. The average property price in Aberdeen is over £200,000 for a house and around £150,000 for a flat. Auction properties tend to go for less than these averages.
Which Areas Are Best To Find Auction Properties In Aberdeen?
Top areas for auction properties in Aberdeen are the city centre and houses further out in the countryside. Banchory has some of the most expensive properties whilst Torrey has flats at relatively modest prices.
Can I Buy Repossessed Properties At Auction In Aberdeen?
Repossessed properties at auction in Aberdeen are usually listed by banks and building societies, although many of the repossessed properties for sale in Aberdeen are sold via estate agents and not by property auction. You can also approach finance companies for any repossessed properties on their books.
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What Type Of Auction Property In Aberdeen Should You Look For?
Aberdeen has many different types of auction property. If you are looking for residential, commercial or a property to develop you will not be short of choices in this beautiful Scottish city.
Commercial Properties For Auction In Aberdeen
Commercial property for auction in Aberdeen ranges from office and retail buildings to hotels and industrial space on business parks. Buying a commercial property can be an excellent investment. Industrial properties can command a rent of between £11.00 and £14.00 per square foot. A retail unit can provide a good income with a city centre unit of 1,200 square feet bringing in around £130,000 per annum in rent.
Residential Auction Property In Aberdeen
Buying residential auction property in Aberdeen can be a good investment. Aberdeen has two universities so the student population is always looking for rentals. In addition, the oil industry supports over 40,000 jobs some of which are transitory with workers often wanting to rent. You can buy a 1-bedroom flat in the centre of the city for around £60,000 and this could bring in an income of between £300 and £600 per calendar month.
Derelict Or Development Auction Properties In Aberdeen
Aberdeen provides opportunities for anyone wishing to buy a derelict or development auction property. There are derelict farmhouses offered with a low guide price of around £30,000. Older flats needing an upgrade can also be purchased for modest sums. Whether you want to buy a derelict or development auction property to live in or as an investment, there is plenty of choice.
Property resources for Aberdeen:
Council tax rates in Aberdeen from Aberdeen City Council
General information on the city of Aberdeen, Scotland
Five Good Reasons To Buy Auction Properties In Aberdeen
1. Quality Of Life And Lifestyle
A report has ranked Aberdeen as the 6th best place to live in the UK. Well known as a cosmopolitan city, the close proximity to beautiful countryside and the coast has also set it apart from other cities in the UK. There is a lot to see, plenty of culture and an exciting nightlife.
2. Good Infrastructure And Shopping
The city of Aberdeen has good infrastructure with two railway stations, city and national buses. a port and an airport. Investment has been prolific in all areas of transport. As well as the two main shopping streets, there are now shopping centres within the city and retail parks a few miles away. Union Square has more than 60 shops, bars and restaurants and is rated highly by shoppers from all over the UK.
3. Cost Of Living And Employment In Aberdeen
Aberdeen has been noted as one of the most affordable cities in which to live. Lower property prices and lower rents have contributed to making this city a very attractive option. Known also as one of the economic hotspots, employment in the city is high. Aberdeen records a healthy 76.2% of working age people in employment compared to 70.5% in the rest of the UK.
4. Excellent Schools And Universities
The Scottish education system has always been highly rated and in Aberdeen there are 12 state schools as well as a number of private establishments. Two top rated universities make this city a must for students from all over the UK and the rest of the world.
5. Aberdeen Has Something For Everyone
From the beautiful sandy beach to the art galleries, restaurants and old pubs Aberdeen has something for everyone. Scotland’s third largest city also boasts a cathedral, a maritime museum, a theatre and National Trust gardens. Known as the Granite City for the beautiful silver granite buildings, Aberdeen has a wealth of culture as well as being a haven for lovers of sport.
Some Final Thoughts About Buying Auction Properties In Aberdeen
In Scotland buying a property by auction was a tradition that had declined but this way of buying a home is now becoming more popular. Properties arrive at auction for a reason and it is important to ascertain why that is. Some types of property may not be eligible for a mortgage. There could also be structural defects or quirks such as a septic tank instead of main drains. Find out as much as possible before bidding on any auction property in Aberdeen.