Aberdeen

Scott Morrison

Scott Morrison - Northwood

“January was quieter than last year with the UK Government’s immigration changes coming into effect, meaning there were less international students with families coming to Aberdeen and the Universities perhaps realising there is an under provision of private accommodation available. Things have gradually gathered pace through February and March with new, good quality properties coming to the market, as things gear up for the typically busy Q2. There has been steady interest from relocation agents and oil and gas executives, and even students looking to try to secure a property now for the summer.”

Market Overview - Q1 2024

BedsAverage
Rent
Rent Change
1yr
Rent Change
5yrs
Rent Change
10yrs
Av. TTL
(days)
TTL Change
YoY
Let within
a week
Let within
a month
1 bed £545 6.0% 17.5% -19.0% 23 4 24% 72%
2 bed £788 5.5% 21.2% -20.7% 36 10 11% 50%
3 bed £1,145 9.3% 26.8% -20.7% 44 8 6% 41%
4 bed £1,736 18.0% 24.3% -19.6% 52 4 0% 29%
All £867 8.6% 22.1% -18.7% 33 9 15% 56%

Average Rent (pcm) by Number of Bedrooms

Average Time To Let (TTL) by Number of Bedrooms

Rental Index (base Q1 2008)

YearQ1Q2Q3Q4
2008 100.0 99.5 100.7 98.8
2009 97.1 94.6 93.8 96.8
2010 96.9 96.5 96.3 98.3
2011 102.5 97.4 99.2 101.0
2012 103.2 101.8 101.6 107.3
2013 108.6 109.3 113.2 116.2
2014 120.5 122.5 120.6 125.4
2015 123.1 117.9 112.4 105.5
2016 97.7 93.9 93.7 89.2
2017 86.8 89.0 87.5 85.3
2018 83.2 83.6 84.2 80.8
2019 80.2 82.9 80.9 80.0
2020 79.3 78.6 80.7 80.1
2021 79.0 79.9 80.8 80.7
2022 81.7 83.4 87.2 88.8
2023 90.2 94.4 94.0 97.5
2024 98.0      

Market Composition

Yield by Popular Postcode (Flats):

Postcode20172018201920202021
AB10 5.20% 5.40% 5.20% 5.30% 5.3%
AB11 5.60% 5.70% 6.00% 6.20% 6.1%
AB15 5.10% 4.90% 5.20% 5.20% 5.4%
AB24 6.60% 6.70% 6.40% 7.30% 7.4%
AB25 5.50% 5.30% 4.90% 5.60% 5.8%
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