Research by the peer-to-peer secured lending platform Lendy and the Land Registry has found that the average house price in the Scottish city was £164,000 in June 2017, down from the £182,000 recorded in June 2016 when the EU referendum was held.

Aberdeen came bottom of the table when house price growth was measured across 381 local authorities throughout the UK.

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Just 19 areas saw a fall in the average house price.

Biggest house price falls post-Brexit vote by local authority

Lendy believed that concerns over Scotland’s post-Brexit future – together with the pressure of low global oil prices on Aberdeen’s heavily oil-dependent economy – had seen demand for homes fall sharply.

“These figures highlight how rapidly Aberdeen’s fortunes have changed,” said Liam Brooke, co-founder of Lendy.  

“Hard on the heels of the oil-price slump, Brexit is piling the pressure on the once-booming Aberdeen property market.

“Given the sector’s importance to the Scottish and UK economy, issues such as whether there could be a second Scottish independence referendum and what that might mean for North Sea oil loom large.”

Lendy added that the sharp house price fall in Aberdeen highlighted the importance of diversity when investing in property.

Liam added: “There will always be small pockets of the country where property prices dip, but if your investments are diversified geographically, as well as by property type, those dips are likely to have a limited effect when they do happen.”