PROPERTY prices have fallen by 4.4% in Aberdeen over the past year, according to new research from the ASPC.
The solicitor group has blamed soaring interest rates and uncertainty over the future of the North Sea for dampening buyer appetite.
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A total of 1,259 properties were sold through ASPC between July to September, down 3.7% compared to the previous quarter but down 19.4% compared to a year ago.
Flats, semi-detached and detached homes all lost value in the third quarter of the year.
The price of a typical flat in Aberdeen fell from £122,971 to £121,801. Semi-detached properties decreased from £190,690 to £189,619 and detached homes on the market saw a drop in price from £326,052 to £323,959.
Despite the downward prices, ASPC chairman John MacRae said the Aberdeen market had held up well since the pandemic.
And in a detailed note, he added He said: “Our local market had been making steady, if moderate progress, after the pandemic.
“There had been gradual improvement in levels of activity and price, in most areas.
“Although modest in scale, the persistence of these improvements had given rise to some hope that our area was getting there.
“Since then, we have had to adjust to comparatively high interest rates, a surge in the cost-of-living index and a consequent reappraisal of the cost of borrowing.
“Given all that, our local market is showing a surprising degree of health. It is by no means as fit as a fiddle, but it is hanging in there.”