North-east house prices took a hit in the first quarter of this year.
New figures from ASPC show Aberdeen properties in Q1 of 2023 were selling for an average of 4.5% less than in Q4 last year.
Meanwhile, Ellon prices were down 3.1%, Inverurie dipped by 4.6%, Stonehaven slipped by 7.1% and homes in the countryside fell 2%.
However, the year-on-year figures were slightly better – Aberdeen’s market was flat, Ellon was down just 0.9%, Inverurie slipped 3.7% and Stonehaven fell 1.3%, while the countryside was ahead 0.8%.
John MacRae, chairman of ASPC, said the figures were “slightly disappointing”, but not unexpected - given the general downbeat economic outlook nationally.
He added that the first quarter was often the “low point” in each year.
Interest rates
Mr MacRae went on: “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.
“In these areas, there appears to be competition for those properties - leading to closing dates and prompt sales.
Period of adjustment
“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.”