Based on data supplied by the ASPC, and compiled by the Centre for Real Estate Research (CRER) at the University of Aberdeen Business School, the report also noted a -1% house price change over the last year and recorded Aberdeen’s annualised house price change over the last five years at 0.7%.

John MacRae, ASPC chairman, said: “These figures, coming after two quarters that had been characterised as having some encouraging features seem, at first glance, to be disappointing. Reading beyond the headline figures, however, a more positive situation is revealed.

“We normally expect the third quarter to be less active than the second quarter – the quarter usually the most active in each year. The report, however, shows that the number of transactions in the third quarter is greater than those in the second quarter.

“That is encouraging, in itself, but the scale of the increase is notable. Overall 1,518 residential transactions took place – an increase of 9.8% compared to the second quarter. Compared to the third quarter of 2023, the increase is 20.6%.”

“Although the price indices are mostly negative, not all areas are in negative positions. Ellon and Inverurie, and to some extent, Stonehaven are showing some positive indices for price.”

Mr MacRae continued: “Lastly, the activity and mark up figure is 0.99%. All well and good, but what does it all mean?

“I think the third quarter figures are still encouraging. The number of transactions has risen in the third quarter, both in comparison to the second quarter and markedly so comparing year on year. If asked, I would say our market is more in need of increased activity than increased prices, and if activity is maintained, prices will respond more positively, in due course.

“At the moment, I think it is fair to say that the majority of transactions are taking place at a price close to, and mainly slightly below, asking price, with ‘special’ properties doing slightly better.

“Our local housing market has been challenging and difficult to interpret for some time now. This year, so far, the position in our market has been a slowly improving one, characterised by a steady rise in the number of transactions.

“I would expect the fourth quarter of this year, and the first quarter of 2025 to show some regression in levels of activity. That would be understandable, and is normal. What I am looking to see, thereafter, is a continuation of the trend seen, so far, this year.”