The Elite Ayrshire Business Circle

The Elite Ayrshire Business Circle

Saturday, 16 April 2011

RICS reports high interest in Scottish property as spring arrives

THE Scottish property market saw an increase in homes going up for sale, more enquiries from interested buyers and an increase in agreed sales last month - says the latest RICS UK housing market survey.

Scotland was the area of the UK which saw the biggest increase in property going on the market in March, while some parts of the UK including London and Wales saw a drop.

[Pictured: RICS Scotland director Graeme Hartley.]

Scotland also had the biggest increase in inquiries from potential purchasers, while the north of England and Midlands saw a drop.

Just 4% of chartered surveyors in Scotland said house prices had fallen in March. 78% said they had stayed the same and 17% said they had risen. In London, 37% saw prices increase.

While caution about the overall outlook for the economy and the prospect of future interest rate hikes are compounding the difficulties over access to mortgage finance for many first-time buyers, this does not seem to be having as much impact on the Scottish property as other parts of the UK.

However chartered surveyors in Scotland are predicting that sales will remain pretty flat in the coming months or only rise modestly. They also report that the reluctance of vendors to further lower their price remains a stumbling block to some would-be buyers.

RICS Scotland director Graeme Hartley commented: “Scotland’s housing market is a very different picture to the rest of the UK, where many parts are suffering from a lack of buyers and sellers. Scotland is seeing a typical rise in buyers and sellers now that spring is here, but chartered surveyors are reporting that sales will remain flat or only rise modestly in coming months.”

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 11,000 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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