The report follows a constant quality methodology, revealing a quarterly drop of 4.5% in house prices in Aberdeen City and its suburbs. Meanwhile, the annual house price change remains stable at 0.0%, with a modest positive shift over a five-year period at 0.2%.

John MacRae, chairman of the board of directors of ASPC, viewed the figures as slightly disappointing, yet not entirely unexpected due to the national economic downturn. He pointed out that the first quarter is often the year’s low point, and the recent rise in interest rates may be affecting the housing markets across the UK.

Mr MacRae said: “The effect on our local market is, currently, less than we might have expected. We are still seeing good levels of insertions, but sales in the first quarter are down.

“There are certain areas, satellite towns, where there is a shortage of family homes on the market, leading to atypical results. In these areas there appears to be competition for those properties, leading to closing dates and prompt sales.

“We are in a period of adjustment, so it is probably prudent not to read too much into these first quarter figures, until we can see what the second quarter brings. Our local market may be poised on the brink of a recovery, or not. We shall have to wait and see.”