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Scottish house prices hit by slump

Scottish house prices hit by slump

House prices across the north and north-east have fallen, according to official figures.

A report by the Registers of Scotland shows the average cost of a home in Aberdeen, one of the strongest areas for sales in the country, dropped from £207,479 to £205,365 in the last quarter.

In Aberdeenshire, property prices have fallen further – from £221,388 to £212,787 – a fall of almost 4%.

The biggest slump was in Orkney where the average house price plummeted by almost 17% from £129, 324 to £107,645.

But estate agents have dismissed the figures as a seasonal blip in an otherwise buoyant market – adding the seasonal pattern has been repeated across Scotland. Robert Fraser, senior property partner at Aberdein Considine, said: “It’s apples and oranges – the rest of Scotland has been much more severely affected by the housing slump than Aberdeen.

“There might be a slight blip in the figures, but they in fact tell a reverse story which is one of complete success – the last few months are as buoyant a time for selling properties as I can remember. Most properties in Aberdeen have sold within days of being put in the market.”

In the Highlands, average prices dropped slightly from £155, 566 to £154,232, but the number of properties which sold has leaped by more than 33%.

Sarah Woodcock, manager of the HSPC, said: “We’re delighted to see the market becoming more stable. The number of properties sold through HSPC in 2014 so far compared to the same period in 2013 has increased by 16% and the total value of sales over the same period has increased by 17%.

“This has also had an impact on the average time it takes to sell lessening – all good news for sellers with property for sale.”

The latest figures come as the Scottish property market shows signs of growth across the board.

In the fourth quarter, homes changing hands went up 22.9%, the highest recorded for this quarter since 2007/08 at an average price of £153,352.

Average house prices

Aberdeen

This quarter £205,365

Last quarter £207,479 (-1%)

Aberdeenshire

This quarter £221,388

Last quarter £212,787 (-3.9%)

Eilean Siar

This quarter £100,072

Last quarter £101,812 (-1.7%)

Highland

This quarter £154,232

Last quarter £155,566 (-0.9%)

Moray

This quarter £141,203

Last quarter £146,299 (-3.5%)

Orkney Islands

This quarter £107,645

Last quarter £129,324 (-16.8%)

Shetland Islands

This quarter £124,504

Last quarter £133,582 (-6.8%)

Scotland

This quarter £153,352

Last quarter £159,725 (-4%)