Small rise in Aberdeenshire property prices

Latest statistics show the slight rise does not reverse the longer-term trend
Latest statistics show the slight rise does not reverse the longer-term trend

House prices increased slightly in Aberdeenshire last October, according to new figures.

But the boost does not reverse the longer-term trend, which has seen property prices in the area suffer a 1.4% annual decline.

The average house price in the region in October was £187,781, Land Registry figures show – a 0.3% increase on September.

Over the month, the picture was better than that across Scotland, where prices decreased 0.9%, and Aberdeenshire outperformed the 0.7% drop for the UK as a whole.

During the last year, the average sale price of property in Aberdeenshire remained level – putting the area 31st among Scotland’s 32 local authorities for annual growth.

The best annual growth in the region was in the Shetland Islands, where properties increased on average by 9.2%, to £160,000.

At the other end of the scale, properties in Aberdeen dropped 6.6% in value, giving an average price of £146,000.

The statistics show that owners of semi-detached houses saw the biggest improvement in property prices in Aberdeenshire in October – they increased by 0.9%, to £164,812 on average– but over the last year, prices dropped by 0.3%.

First-time buyers in the region spent an average of £149,200 on their property – £1,200 less than a year ago, and £7,900 less than in October, 2014.

By comparison, former owner-occupiers paid £214,200 on average in October – 43.5% more than first-time buyers.

Across Scotland, property prices are lower than those in other parts of the UK, where the average cost is £233,000.