The report by the Centre for Real Estate Research at the University of Aberdeen Business School, for the fourth quarter of 2024, has just been released.
The report discloses that 2 out of 3 price indices remain negative
- The quarterly house price change in Aberdeen is -1.7%
- The annual house price change in Aberdeen is -3.3%
- The annualised house price change over 5 years in Aberdeen is 0.8%
John MacRae, Chairman of Aberdeen Solicitors’ Property Centre, commented:
“The first 3 quarters of 2024 had shown some instances of positive price movement but they had been modest in scale and not always consistent – reflecting, perhaps, the level of confidence in our local housing market.”
“The fourth quarter has reflected, more strongly, the same diffidence, the only exception being flats in Stonehaven, which showed a modest increase – probably due to a difference in the particular flats recorded as sold in the quarter. I do not regard that as of significance, leaving us with a picture, at the end of the year, that may concern folks.”
“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 housing 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.”
“Some reinforcement of my view that things are not too bad can be gained from our figures for the first 3 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.”
Finally, as a summary, comparing quarter 4 for 2024 and 2023), the findings show:
- 397 flats sold in 2024 compared to 342 in 2023, an increase of 16.7%.
- 540 semi – detached houses sold in 2024 compared to 367 in 2023, an increase of 47.1%.
- 456 detached houses sold in 2024 compared to 284 in 2023, an increase of 60.6%.
John McRae concluded:
“Solicitors have long believed that markets are led by detached and semi – detached house sales. The increases in semi – detached and detached sales caught my eye. Despite disappointing price information things are better than they may appear.”
