HOUSE prices in Scotland are still rising, but at a slightly slower rate, according to the September Royal Institution of Chartered Surveyors (RICS) Residential Market Survey.
A net balance of 28% of surveyors in Scotland report that prices rose in the latest report, down from the 36% seen in August. Surveyors are optimistic prices will continue rising, with a net balance of 31% of Scottish survey respondents anticipating an increase through the final quarter of the year.
Respondents expect home sales to continue to rise through Q4 too. A net balance of 43% anticipate sales to increase over the next three months, which is the highest this balance has been in nearly a year. This follows rising demand from new buyers in September. A net balance of 15% of respondents reported an increase in enquiries – up from the -2% seen in the survey previous.
Surveyors in Scotland also report more homes coming to the market. A net balance of 28% noted a rise in new instructions to sell. A net balance of 12% of respondents reported that newly agreed sales had increased.
Commenting on the sales market, Greg Davidson, MRICS of Graham + Sibbald in Perth said, “The market continues to perform reasonably well but challenges remain affecting some sectors. There is good availability of mortgages which should help keep the market stable.”
Discussing the rental market, Carolyn Davies, MRICS of Savills in Dumfries added, “there is a continued buoyant market for 2 -3 bedroom size houses. Setting a realistic rental figure for larger houses is required. A good property still attracts enquiries.”
Commenting on the UK picture, RICS head of market research & analytics, Tarrant Parsons, said, “The housing market continues to struggle for momentum, with seemingly no clear catalyst on the horizon to spark a turnaround over the near-term. Buyer demand remains subdued, while agreed sales are still on a downward trend, reflecting a broader hesitancy in the market. Ongoing uncertainty around potential measures in the upcoming Budget is also likely adding to the prevailing cautious sentiment.”
