HOUSE prices in Scotland continued to rise in March, but at the slowest rate since June 2020.
The findings were revealed in the latest Royal Institution of Chartered Surveyors (RICS) Residential Market Survey.
A net balance of 5% of respondents reported prices rose through March. Scotland is one of only three UK regions which saw prices continuing to rise, but outside of Covid restrictions, it is the lowest net balance for prices since July 2016. RICS added that the price balance is also down ‘dramatically’ on March 2022, when the net balance was +71%.
A net balance of -6% of respondents reported a fall in new buyer enquiries, while a net balance of -11% of surveyors reported a fall in new instructions to sell.
Sales were also reported to be falling back, with a net balance of -22% of respondents seeing a drop, down from -12% the previous month. A net balance of -25% expect sales to fall over the next quarter.
Ian Morton MRICS, of Bradburne & Co. in St Andrews said, “The amount of properties coming to the market has been steady and purchasers have become more cautious in their approach. The change in interest rates and increased cost of living are dictating the market as expected.”
Craig Henderson MRICS of Graham & Sibbald LLP in Ayrshire added, “Sentiment still appears a little guarded, which is to be expected. We are anticipating we will see these trends continue for the next few months as economic factors show no signs of changing in the short term, with a slow and steady market.”