The Residential Market Survey conducted by Royal Institution of Chartered Surveyors (RICS) and Ulster Bank aimed to gain greater insight into the state of the property market this year.
Due to a shortage of housing for sale in Scotland this year it appears that house prices will continue to be pushed upwards, above the UK figure of +8%.
It is the tenth month in a row where the number of homes available for sale have been down, this is despite appetite in the market to buy as enquires to purchase homes increasing once again. This is a potential issue for the sector leading to a widening gap between supply and demand for desirable properties.
Despite this Scottish Surveyors remain upbeat on the outlook for the region, the RICS Director in Scotland, Gail Hunter, says
“Surveyors remain positive about the prospects for the housing market in Scotland. However, they also point to a shortage of properties becoming available for sale, which will have a constraining effect on sales activity and potentially push up prices further. Anecdotally, surveyors continue to report that the changes to the LBTT are having an ongoing negative impact on instructions to sell in the middle to the prime brackets of the market, and this is having detrimental trickle-down effect in other house price brackets.”
You can read the full survey results here.