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Average house prices in Aberdeen dropped by 10.2% in the year to January 2017, according to the latest figures from the Office for National Statistics.
The statistics, published today, reveal that Aberdeen was by far the area with the biggest dent on house prices in the UK, with the average price sinking from £182,000 to £163,000. The next biggest faller in Scotland was Inverclyde at 5.3%.
Middlesbrough recorded England’s sharpest drop, decreasing 6% in the 12 months to January, from £112,533 to £105,754.
In London, there was also a sign of a further cooling in the prime central London residential market, with average prices dropping by 0.8%, from £1,024,000 to £1,016,000. In the previous month’s statistics, Westminster’s prices had risen by 1.2% in the space of 12 months.
Other local authority areas that reported a lowering in house prices were concentrated particularly in Scotland, with areas including the Orkney Islands and West Dunbartonshire also reporting significant drops.
In Scotland overall, prices grew at a rate of 4%. The annual price change in England was 6.5% while the average in Wales was 4.2%. The UK average for the 12 months was 6.2% – up from 5.7% in the year to December 2016.