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Dip in north-east house prices “disappointing but not unexpected”

House prices in Aberdeen and its suburbs as well as throughout Aberdeenshire fell in the first quarter of 2023 according to a report by ASPC and the University of Aberdeen Business School

House hunters may have noticed a change in the market. 
House hunters may have noticed a change in the market. 

House prices in the north-east of Scotland dipped in the first quarter of this year with property experts saying it’s disappointing but not unexpected.

The figures were revealed in the Aberdeen Housing Market Report which gave a summary of the activity in the housing market of Aberdeen and Aberdeenshire during the first quarter of 2023.

The report was based on data supplied by the Aberdeen Solicitors’ Property Centre Limited (ASPC) and was compiled by the Centre for Real Estate Research (CRER) at the University of Aberdeen Business School.

The Aberdeen Housing Market Report showed a fall of 4.5% for house prices in the city and suburbs.

The report showed that the quarterly house price change in Aberdeen city and suburbs was a drop of 4.5% while the annualised house price change over five years was an increase of 0.2%.

The report broke down the areas into “Aberdeen” meaning the city and its suburbs and divided Aberdeenshire into the towns of Ellon, Inverurie, Stonehaven, and other “Countryside”.

The report provided information for three types of dwelling, namely flats, semi-detached houses and detached houses.

Aberdeenshire figures

In Stonehaven the quarterly house price change was more dramatic than in Aberdeen as it showed a drop of 7.1% while Inverurie was similar to Aberdeen at -4.6%. In Ellon house prices fell by 3.1% in the first quarter.

In Stonehaven the quarterly house price change was -7.1%. Image: Darrell Benns.

The annual change between the first quarter of 2023 and the same period last year was -1.3% for Stonehaven; -3.7% for Inverurie and -0.9% for Ellon.

While Aberdeen’s five-yearly figure was an increase of 0.2%, in Aberdeenshire prices moved in the opposite direction, with a change of -0.2% for Stonehaven and Inverurie and -0.7% for Ellon.

In Ellon house prices fell by 3.1% in the first quarter. Image: Chris Sumner.

In the wider Aberdeenshire countryside, prices dropped 2% in the first quarter of 2023 as compared to the previous quarter and were down 0.8% annually while remaining unchanged over five years.

Commenting on the figures for Aberdeen, John MacRae, Chairman of the Board of Directors of ASPC said that the report for the first quarter of the year “shows a dip in the house price index after a sustained period of steady improvement”.

“The change in quarterly price is -4.5%; the annual change is – no change – 0.0%. Over five years the index is marginally positive at 0.2%,” he said.

In Inverurie the quarterly house price change was similar to Aberdeen with a drop of 4.6%. Image: Darrell Benns.

“While this is slightly disappointing, it is not unexpected, given the general downbeat economic outlook, nationally.

“Also, the first quarter is often the “low point” in each year. Given the rises in interest rates in recent months, it is not surprising that activity in housing markets, UK wide, has lessened.

“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.

The report also looked at the number of transactions.

“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.”

The report showed that in the first quarter of this year, 921 residential properties were transacted which was down by 21.8% compared to the previous quarter and down by 24% compared to the same quarter a year ago.

The Aberdeen Housing Market Report gave a summary of the activity in the housing market of Aberdeen and Aberdeenshire during the first quarter of 2023.

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