House prices in Aberdeen are down by 1.8% in the fourth quarter of 2018, new figures show.
Aberdeen Solicitors’ Property Centre Limited (ASPC), in cooperation with the University of Aberdeen, has published statistics for the final quarter of last year.
The quarterly house price change in Aberdeen is down by 1.8% on the third quarter and the annual house price has decreased by 1.4% compared to the fourth quarter of 2017.
The biggest changes have been seen in Inverurie and Ellon where prices dropped by 2.1% in the fourth quarter of 2018.
A total of 1,278 homes were sold in Aberdeen and Aberdeenshire in the fourth quarter, which is down 6.5% from the previous quarter.
But it is up 11.6% compared to this period last year.
John MacRae, Chairman of the Board of Directors of ASPC said the figures show the local market is still facing “substantial challenges”.
He added: “Nevertheless there are some modest signs that things are slowly improving or at least not continuing to deteriorate.
“The fourth quarter of each year and the first quarter of each year tend to be the two poor quarters in each year with the spring and summer quarters being the most active.
“Despite the continuing difficulty, the sales of properties in the third and fourth quarters of 2018 exceeded the sales in the corresponding periods in 2017.”