Aberdeen Solicitors’ Property Centre Limited, in cooperation with the University of Aberdeen, Business School, Centre for Real Estate Research, has published figures for the first quarter of 2024 relating to the Aberdeen Housing Market.

The report shows that semi-detached houses with standard characteristics experienced a quarterly decline of 2.9%, with an annual decrease of 1.5%. Over a five-year period, the annualised change stood at 0.8%.

Despite global and national uncertainties, early figures for Q1 2024 suggest a modest uptick in market activity. Sales have increased by 4% compared to the previous year, alongside a 3% rise in average prices across all property types.

John MacRae, chairman of the board of directors of ASPC, said: “The condition of our local housing market is difficult to pigeonhole as there are variations across housing types and areas.

“For example, Stonehaven remained stable in the first quarter, while other areas showed negative movements. Equally, looking at housing types, flats in Aberdeen, Ellon and Inverurie showed positive movement or stability, while Stonehaven and country flats suffered decreases. Semi-detached and detached generally declined to some extent.

“The picture seems, on the whole, rather confused but slightly depressing. What are we to make of all this?”

Mr MacRae continued: “It is always worth looking at these figures, as they tell us what has happened. Elucidation or enlightenment might be found in looking further into additional information.

“The first place to look, perhaps, is the general background. Local and national economic conditions will have an effect on folks’ decisions.

“The situation, in that area, is complex, with some good news and some not so good news. Inflation has decreased, but not yet to the level forecast. Hoped for reductions in interest rates have not taken place and Banks have (very slightly) increased some fixed rate loans.”

He added: “World affairs are far from cheerful, and the daily news in the UK, can be discouraging. Nevertheless, recent figures, from the beginning of the sale process in our area are mildly encouraging.

“Our raw figures show that, in the first quarter this year, insertions have risen 10% compared to 2023. Sales have increased by 4%. These figures reflect the start of a process and, while they relate to only one quarter, they are mildly encouraging.”