Monday, 8 February 2010
Snow causes blip in Scottish housing market
SCOTTISH house prices rose again in January, but buyer interest and new instructions to sell property fell as bad weather caused a blip in activity in the market, says the latest housing market survey from RICS (Royal Institution of Chartered Surveyors) published today.
[Pictured: Sarah Speirs from RICS Scotland.]
In January, 16% of chartered surveyors in Scotland said house prices had risen, 82% said they had stayed the same and 1% reported a fall. In December no surveyors reported a fall in prices and 25% said they had risen.
However, chartered surveyors reported that buyer enquiries fell in January and new instructions to sell also dropped.
But chartered surveyors are optimistic that these negative signs are a reflection of the extreme weather conditions experienced in the early part of the month. They expect sales to increase over the next couple of months and prices are also expected to continue rising steadily.
Sarah Speirs from RICS Scotland said: “The cold snap in January clearly had an impact upon both supply and demand in the housing market with activity virtually coming to a halt amidst the seasonal chaos. However, this was just a ‘blip’ and activity and interest is likely to pick up in the coming months as the market experiences a spring bounce.
“House prices are likely to rise in the short term, but if more supply continues to come onto the market, it is possible that the market could run out of steam in the latter part of the year.”
RICS housing market survey is the longest running monthly survey of house prices in the UK, collecting data since January 1978. The survey is cited by the Bank of England’s monetary policy committee at its monthly interest rate setting meetings.
RICS is the world’s leading qualification when it comes to professional standards in land, property and construction. RICS Scotland is a national association of RICS with 10,000 members (chartered surveyors) in Scotland.
RICS is an independent professional body originally established in the UK by Royal Charter. Since 1868, RICS has been committed to setting and upholding the highest standards of excellence and integrity – providing impartial, authoritative advice on key issues affecting businesses and society. RICS is a regulator of both its individual members and firms enabling it to maintain the highest standards and providing the basis for unparalleled client confidence in the sector.
* * *
There are currently 652 Ayrshire business stories permanently archived on this site. To locate those of most interest to you, please use the site search facility in the top left hand corner of this page. Type your search term in the white box, then click the magnifying glass symbol.
* * *