Tuesday, 11 May 2010
Spring optimism helps lift the housing
market despite election uncertainty
Sentiment in the Scottish housing market rebounded in April, helped by the better weather, with surveyors expecting a post-election bounce, says RICS UK Housing Market Survey published today (11 May 2010).
[Pictured: RICS Scotland deputy director Sarah Speirs.]
Prices in Scotland continue to rise at around the same firm pace as last month, with 15 percent more chartered surveyors reporting rise in house prices, down slightly on the 18 percent figure reported last month. Buying activity also continues to increase, but at a slower pace than last month.
Activity is expected to rise over the coming months, with many surveyors anticipating a post-election bounce. Sales activity continues to increase, albeit not at the same pace as last month, whilst confidence in the price outlook (price expectations) swings back into positive territory, rising from a negative four percent to a positive seventeen percent.
Confidence in the sales outlook remains positive, but is slightly less optimistic than last month, with twenty five percent more chartered surveyors expecting an increase compared with thirty four percent last month.
Selling activity continues to increase heavily, but again, not as heavily as last month, with sixty six percent more surveyors reporting an increase compared to eight four percent last month.
Commenting, RICS Scotland deputy director Sarah Speirs said: “For much of 2010, the housing market has been under the shadow of the general election, with the gap between supply and demand growing wider as potential buyers opted to stand on the sidelines and await the outcome of the poll.
“The start of spring, however, has seen renewed optimism with the good weather improving sentiment and surveyors expecting an increase in both sales and house prices. The housing market often sees an increase in new instructions in the early part of the year with sales boosted in the spring, and this year has been no exception”.
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.
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