House prices in Aberdeen recorded the highest fall among major UK towns and cities over the past year, after demand for homes was hit by the slump in oil prices. According to new research by Halifax, prices in Aberdeen were down 6.9pc to an average of 251.000$ in the 12 months to the end of November, having been 270.200$ a year previously. Martin Ellis, housing economist at Halifax, said the fall could be attributed to the north east coast of Scotland's dependence on the North Sea oil and gas sector. "The substantial fall in oil prices in the past couple of years has hit the industry hard with adverse impact on demand for homes in the area," he said. There were also marginal price drops in a number of other towns, including Falkirk, down 1.1pc, Inverness, down 0.9pc, and Blackpool, down 0.5pc.
