The price of detached homes in Aberdeen fell by almost £5,000 in three months, despite an increase in property sales.
New figures from Aberdeen Solicitors Property Centre (ASPC) show property prices in the city were down 1.6% in the third quarter of 2024, compared to the previous three months.
The north-east housing market has seen a mixed period with prices decreasing but sales rising.
The shift in value has seen the average sale of detached homes in Aberdeen fall almost to £320,715.
Looking over a longer period, the average house price is down 1% compared to a year ago.
Aberdeen property prices down but sales up
In the third quarter, 1,518 residential transactions took place – an increase of 9.8% compared to Q2. This is a 20.6% rise compared to the same period last year.
ASPC chairman John MacRae said despite the “disappointing” price figures there was “encouraging” signs in the amount of properties sold through ASPC.
Mr MacRae said: “We normally expect the third quarter to be less active than the second quarter – the quarter is usually the most active in each year.
“I would say our market is more in need of increased activity than increased prices, and if activity is maintained, prices will respond more positively, in due course.
“At the moment, I think it is fair to say that the majority of transactions are taking place at a price close to, and mainly slightly below, asking price, with special properties doing slightly better.”
The price of a typical flat in Aberdeen decreased from £123,761 to £123,329 between the second and third quarters of 2024. Semi-detached properties in the city also decreased from £190,792 to £187,667.
How did surrounding areas perform?
- Inverurie saw the average price of a detached home increase from £322,178 to £327,242 and semi-detached properties rose from £184,287 to £185,898. Flats decreased from £131,814 to £129,547.
- Prices in Stonehaven had a mixed bag, with the average detached property decreasing from £330,931 to £325,005 while semi-detached properties fell from £183,178 to £180,592 and flats increased from £129,388 to £132,368.
- Figures in Ellon show the detached market increasing slightly from £274,215 to £274,687 and semi-detached rose from £163,229 to £165,108 and flats from £103,152 to £103,733.
- Properties classed as countryside all showed decreases. The average price for flats went from £115,064 to £111,950, semi-detached homes £186,793 to £184,425 and detached houses £356,901 to £349,518.
Mr MacRae added: “Our local housing market has been challenging and difficult to interpret for some time now.
“This year, so far, the position in our market has been a slowly improving one, characterised by a steady rise in the number of transactions.
“I would expect the fourth quarter of this year, and the first quarter of 2025 to show some regression in levels of activity.
“That would be understandable and is normal. What I am looking to see, thereafter, is a continuation of the trend seen, so far, this year.”
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