House sales boom in Ellon

Ellon has become one of the North-east's property hotspots.
Ellon has become one of the North-east's property hotspots.

New figures indicate Ellon is outstripping other communities to become one of the North-east’s property hotspots in 2014.

Leading law firm Aberdein Considine has just smashed its sales record for the town, despite there still being more than two months of the year to go.

The number of homes being sold by its Bridge Street branch has risen by nearly 70% over the past two years – and since January the firm has sold nearly £30 million worth of homes locally.

Rising property prices in Aberdeen are thought to be the main factor behind the jump in transactions as people look to get more for their money.

Aberdein Considine partner Gary Ross said properties were being sold faster than he can remember.

He added: “I don’t recall the Ellon market ever being this buoyant.

“Our team has been flat out all summer and many properties have been going under offer within days of coming on to the market.

“By the end of September, we had sold just under 150 homes in Ellon this year.

“To put that in perspective, we sold 116 in the town in the whole of 2013 and 88 the year before. In 2007, before the recession hit, we sold 127 – so it really has been a remarkable nine months.

“We can also organise a range of mortgages and our advisors have had a number of enquiries from more people looking to buy – so the boom is by no means over yet.”

The Ellon branch is also bracing itself for a busy autumn market as stamp duty changes announced by the Scottish Government last week are expected to further fuel interest in the region’s most expensive homes.

The Land and Buildings Transaction Tax (LBTT) will replace stamp duty in Scotland from April 1.

Whilst removing the tax burden completely from all homes costing less than £135,000, charges imposed on more expensive homes will rise.

Mr Ross said: “We are waiting to see how this will impact the market, because between £300,000 and £400,000 is the point in the market where the new system becomes more expensive.”