Financial advisor: seller’s market in Ellon as town experiences mini-boom

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A LOCAL financial advisor has welcomed an apparent uptick in the town’s property market, after revealing that his company was dealing with an unprecedented number of mortgage enquiries.

Phil Anderson, who runs Phil Anderson Financial Services on the town’s Bridge Street, told the Times on Thursday that Ellon appeared to be at the start of a mini ‘property boom’. Mr Anderson said that he believed this was a result of ongoing oil prosperity in Aberdeen, as well as more generous lending by mortgage providers.

Speaking to the Times, he said: ”Lenders seem to have more money and better conditions for those seeking residential mortgages. There have also been improvements in interest rates, and the mortgage companies are being more innovative in tailoring their mortgages.

“Ordinarily, January is a quiet month, but we’ve had so many enquiries that it feels like a January during the last property boom. We’ve also noticed a number of local properties selling at or above the asking price, where previously they had been attracting offers somewhere below. Even outlying areas which are ordinarily a bit slower seem to be picking up.”

Commenting on the reasons for the boom, he cited the ongoing prosperity of the oil industry as one of the major factors.

“Aberdeen’s property market remains buoyant, and there’s a bit of a ripple effect,” he said. “The city and shire haven’t been nearly as hard hit by the recession as a result, and that’s a major reason for property in Ellon continuing to attract good offers.

“There’s also a possibility that the decision to dual the Balmedie-Tipperty stretch of the A90 has been a contributing factor. Generally, improvements to the property market happen before improvements to the economy as a whole, so this is maybe a sign there are better times ahead for the local property market.”