Aberdeen housing market slumped in fourth quarter

The statistics for the fourth quarter of 2015, which were compiled in cooperation with the University of Aberdeen, Business School, Centre for Real Estate Research. also revealed that the annual house price change in Aberdeen city and suburbs is -2.8 per cent, compared with -1.9 per cent in Scotland, and +9.0 per cent across the UK as a whole.

Houses prices in Scotland over the same period decreased by 4 per cent and increased across the UK by 1.6 per cent.

John MacRae, chairman of the board of directors of ASPC said: “Traditionally, the fourth quarter figures for each year are the least impressive because of seasonal influences and 2015 is no different. An interesting aspect of the figures is the apparent decrease overall in Scotland which is slightly unexpected as anecdotal evidence from colleagues in other parts of Scotland suggests that there has been some element of recovery from the bank crash.

“In the third quarter I indicated that the volume of sales showed a slight lessening of confidence in the local market and I think the fourth quarter tends to back that up.”

He added: “We are now into a new year and the first six months of each year give the best indication of the health of the local market. We will probably know by the end of the first quarter what our housing market will be in 2016.

“2016 may well be a difficult year for some sellers but we should not get carried away with too much gloom as there are still good levels of activity in most sectors of the market. In these conditions, pricing is very important and this makes it essential for prospective sellers to contact their Solicitor in advance of any planned marketing for good, sensible advice.”