Aberdeen house price gloom returns after flicker of hope

Statistics relating to the Aberdeen housing market have revealed that the market is once again in a slump after a slight upturn was seen in the second quarter of this year.

Figures published by Aberdeen Solicitors’ Property Centre Limited, in cooperation with the University of Aberdeen, Business School, Centre for Real Estate Research, revealed that the quarterly house price change in Aberdeen city and suburbs stands at -0.9%.

The data also revealed that the annual price change and annualised house price change over five years in the city and suburbs is currently standing at -4.7%.

John MacRae, chairman of the board of directors of ASPC, said: “The report released by the Centre for Real Estate Research at the University of Aberdeen Business School, for the third quarter of 2019, based on data supplied by ASPC shows a downturn in house prices in our area, after having experienced a modest upturn in the second quarter.

“While this is disappointing news we need to bear in mind that in the United Kingdom as a whole, housing markets are depressed. There is some continuing good news in the numbers of transactions taking place in that the third quarter of 2019 saw the volume of sales increase by 9.6% from the previous quarter.

“While our market is still sluggish on price it is the case that the numbers of transactions taking place has been showing reasonably consistent increases and I regard that as being of some significance.

“The general “mood” of the country is difficult to fathom at the moment as there is a great deal of uncertainty in both political and economic areas and this is bound to affect confidence. Housing markets rely on confidence and it is therefore not too surprising that the third quarter has gone back slightly.”

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