Tuesday, 13 April 2010
Vendor activity picks up as Scottish house price growth slows
SURVEYORS recorded the highest reading of vendor activity since May 2007, whilst the rate of house price growth slowed, says RICS UK Housing Market survey published today (13 April 2010).
[Pictured:RICS Scotland deputy director Sarah Speirs.]
85 percent more surveyors in Scotland reported an increase rather than a decrease in new instructions to sell compared to a net balance of 11 percent reporting an increase more than a decrease in February 2010. New buyer enquiries also increased in with 45 percent more surveyors reporting an increase in enquiries from a net balance of 17 percent last month. Surveyors report that political uncertainty may be pushing vendors to market their property before the impending General Election.
Eighteen percent more chartered surveyors reported a rise than a fall in house prices down from 25 percent in February. There was significant variation in regional price trends across the UK, with London, the south east of England and Scotland being the performing markets in the UK.
RICS Scotland deputy director Sarah Speirs said: “With the general election approaching and uncertainty growing over the political direction of the country, many vendors who were previously inclined to sit on the sidelines now appear eager to put their properties on the market. However, with stocks increasing and sales decreasing we may see some modest price falls although at the moment, Scotland is continuing to perform well”
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.
The Royal Institution of Chartered Surveyors (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.
The Royal Institution of Chartered Surveyors (RICS)
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