The Elite Ayrshire Business Circle

The Elite Ayrshire Business Circle

Wednesday, 13 October 2010

RICS says outlook for property market remains positive in Scotland

Ten per cent more Scottish chartered surveyors reported a rise rather than a fall in house prices in September, compared to three per cent in August, according to the latest RICS UK Housing Market survey.

This has resulted in a fifteenth consecutive month of positive price net balance readings in the market, the only region in the UK to do so in September.

[Pictured: Graeme Hartley, director, RICS Scotland.]

The number of Scottish surveyors reporting rising transaction levels is also at a six month high with 24 per cent more chartered surveyors reporting a rise rather than a fall in newly agreed sales, up from 13 per cent in August.

New buyer enquiries rose at a steep rate in Scotland at +23, up from -12 in August. With new instructions also rising, albeit at a slower rate from -10 to +9, the demand-supply gap has widened and could explain the rise in price expectations, which went from +3 in August to +11 in September.

Surveyors’ future expectations for sales were the only main indicator to fall in Scotland, with 19 per cent more surveyors expecting sales to fall rather than rise.

Commenting, Graeme Hartley, director, RICS Scotland, said: “Demand for property in Scotland rose sharply in the past month, and with new instructions rising at a slower rate, surveyors have reported a rise in price expectations. However, sales expectations are down, which perhaps signals that future potential homebuyers are postponing any purchases until the full extent of the government cuts are announced next week.”

To view the RICS Housing Market Survey (September 2010) CLICK HERE

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.

About RICS Scotland

RICS Scotland is a national association of RICS. RICS Scotland has over 10,000 members. Managed from its offices in Edinburgh the focus of RICS Scotland is to develop, maintain, uphold and promote the standards, knowledge and skills of its members always acting in the public interest.

RICS Scotland enjoys a degree of autonomy due to differences in Scottish law and practice. It holds a significant role within the professional and business community in Scotland, working with central and local government and educational institutions in Scotland.

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