Aberdeen house prices sees smaller decrease than Scottish average in Q4 of 2015
Winter is always the slowest time for the housing market and Q4 of 2015 was no different as our latest figures have shown.
The report, based on data provided by the Aberdeen Solicitors Property Centre to the Centre for Real Estate Research, University of Aberdeen, shows that in Q4 house prices in Aberdeen City and the suburbs fell by 2.5%.
As I suggested in my blog on the Q3 figures, a slight fall in the number of sales seems to indicate a lessening of confidence in the local market, with people seeming to be ‘sitting tight’ in their properties, perhaps waiting for the traditional spring boom.
It is interesting to note, however, that this is not just a trend for the North East of Scotland – in fact, Scotland as a whole saw a 4% decrease in house prices.
This is slightly unexpected as anecdotal evidence from colleagues in other parts of Scotland suggests that there has been some element of recovery from the bank crash.
It’s the second quarter in a row where house prices saw a bigger tumble in Scotland overall than in Aberdeen – Q3 saw that while house prices in the North East fell by 0.8%, Scotland’s average price dip was 1.3%.
2016 may well be a difficult year for some sellers but we should not get carried away with too much gloom as there are still good levels of activity in most sectors of the market.
The first six months of the year tend to give the best indication of health for the local market, and by April we should have an idea of how the housing market will fare in 2016.
In these conditions, pricing is very important and this makes it essential for prospective sellers to contact their Solicitor in advance of any planned marketing for good, sensible advice.