In cooperation with the University of Aberdeen, Business School, Centre for Real Estate Research, ASPC has published a report detailing the housing market statistics for the fourth quarter of 2021. The report indicated that the house prices rose by 1.7% over the course of 2021 in Aberdeen City and suburbs.

However, the annualised house price change over five years in the area dropped by 1.5%.

John MacRae, chairman of the board of directors of ASPC, said that while the results demonstrate a fall back, to some extent, from the position in the preceding (third) quarter, a significant part of that will be down to one main factor.

He added that the fourth quarter is often a relatively quiet quarter, when the activity decreases as the year end approaches.

Mr MacRae said: “Since then, other factors have arisen which may affect our local housing market, this year. The economic outlook is unclear – energy prices, inflation and a possible conflict in Eastern Europe – are likely to have some effect on confidence.

“On the other hand, oil prices have risen sharply. Currently – 31st January, our experience is that our market is starting the year with good levels of activity. Insertions for January are 412, sales 336 (2021 - 357 and 341). These are up on last year and slightly better than we would expect.”

He continued: “Last year we were still experiencing the ‘bounce back factor’ to some extent, so the current year levels are grounds for optimism. Further encouragement can be gained from the facts that deals are being done at or near asking price, and in some cases closing dates are being fixed.”

Mr MacRae concluded: “While there are some indicators in the general outlook to cause concern for housing markets, our local market has started the year in good heart and insertions and sales are at an encouraging level.”