The Elite Ayrshire Business Circle

The Elite Ayrshire Business Circle

Monday, 14 January 2013

House sales in Scotland set to rise

House sales across Scotland look set to continue to increase as chartered surveyors’ expectations for the coming three months remained positive, says the latest RICS housing market survey.

In December 2012, 8 percent more surveyors in Scotland predicted transactions to rise rather than fall over the next quarter. This positive outlook comes at a time when confidence has been growing and that the housing market in some parts of the country may now be over the very worst.

Sarah Speirs, Director RICS Scotland

Scottish chartered surveyors reported prices continuing to fall, with 19 percent more surveyors reporting a fall in prices rather than a rise.   However, a more positive view of the price outlook between now and March was reported with 5 percent more respondents predicting rises over the following three months. This is the first positive expectation since September 2010.  

With transactions expected to increase, demand from would-be buyers remained positive last month with the number of homes coming up for sale also increasing.  During December, a net balance of 37 percent more surveyors reported an increase in new instructions.  

Thomas Baird MRICS, Select Surveyors Ltd, commented: “The market is traditionally slow during the start of the new year, however, I would expect this year to show an increase in the number of Home Report instructions.”

Across the UK, London once again bucked the overall trend and saw significant increases in prices, while the North East and Wales saw the biggest drops. Notably, prices in the West Midlands stabilised last month; this represents the first time in over two and a half years that prices have stopped falling in the region.

Sarah Speirs, Director RICS Scotland, commented: “As we start the new year, confidence in the housing market does appear to be improving with RICS members predicting that transaction levels will continue to increase in many parts of Scotland.

“However, despite these tentative signs of recovery in the sales market more still needs to be done to ensure potential buyers can access the market at every level.”

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.

No comments: