Aberdeen property prices have continued to fall with a slump in sales also reported.
The latest figures from Aberdeen Solicitors Property Centre (ASPC) show property prices in the city were down 1.7% in the fourth quarter of 2024, compared to the previous three months.
The shift in value has seen the average sale of detached homes in Aberdeen fall to £318,799.
Looking over a longer period, the average house price is down 3.3% compared to a year ago.
However, despite this ASPC chairman John Macrae said the “picture was far from bleak” despite “disappointing price information”.
Drop in ASPC property sales
In the fourth quarter, 1,393 residential transactions took place – a decrease of 8.2% compared to Q3. However, it was a 40.3% rise compared to the same period last year.
Mr MacRae said: “Thankfully, the picture is far from bleak. The reason for my saying that is that sales in 2024 exceeded 2023, in number, and so did insertions.
“Our local market was busier.
“I did say, last year, that I would rather see activity increasing than prices rising, and I still cling to that opinion.
“For the moment, it seems that people are selling, people are buying, and mostly at
reasonable prices, viewed from each side of the transaction.”
The price of a typical flat in Aberdeen decreased from £123,329 to £119,886 between the third and fourth quarters of 2024. Semi-detached properties in the city also decreased from £187,667 to £184,413.
How did surrounding areas perform?
- Inverurie saw the average price of a detached home decrease from £327,242 to £315,461 and semi-detached properties fell from £185,898 to £181,676. Flats decreased from £129,547 to £125,556.
- Prices in Stonehaven had a mixed bag, with the average detached property decreasing from £325,005 to £320,57. Semi-detached properties fell from £180,592 to £175,944 and flats increased from £132,368 to £135,289.
- Figures in Ellon show the detached market decreasing from £274,687 to £267,979 and semi-detached fell from £165,108 to £162,539 and flats a slight decrease from £103,733 to £102,306.
- Properties classed as countryside all showed decreases. The average price for flats went from £111,950 to £106,221 semi-detached homes £184,425 to £178,967 and detached houses £349,518 to £338,643.
Mr MacRae added: “Some reinforcement of my view that things are not too bad can be gained from our figures for the first three weeks of January.
“The early part of each year can be slow to start, particularly if weather conditions are adverse.
“I am able to report that despite the recent snowy weather, our early weeks have seen good levels of insertions, matched by similar levels of sales.
“It is reassuring to see this, so early in the year.”
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