Latest News

News of a recovery in house prices is bringing more homes on to the market according to the latest survey from the RICS (Royal Institution of Chartered Surveyors). 

More surveyors in Scotland are reporting an increase in prices than in anywhere else in the UK except London and the South East.  A third of Scottish surveyors said that they had seen prices rise in August and more than half (56 per cent) said that they had remained the same.  Only 11 per cent reported a fall in prices. 

The RICS said that across the UK the number of surveyors reporting higher prices compared to those reporting falls (the net price balance) had turned positive for the first time since May 2007. 

The positive news about rising prices, says the RICS, has given sellers the confidence to put their homes on the market.  In August 18 per cent more surveyors said there was a rise rather than a fall in new instructions to sell. That compares with 12 per cent in July and -15 per cent in June.
 
The number of buyers enquiring about property for sale in Scotland will also have added to sellers' confidence. Almost three quarters (74 per cent) more surveyors reported a rise rather than a fall in buyer enquiries.

Looking forward, the strengthening in buyer and seller activity has boosted Scottish surveyor optimism. The net balance (the proportion of surveyors reporting a rise minus those reporting a fall) expecting prices to rise rather than fall over the next three months remained virtually unchanged at 38 per cent. The UK average for August is 17 per cent.

Sarah Speirs from RICS Scotland said: "It is clear that house prices are now rising. The more positive news flow of rising prices will gradually encourage even more vendors to start putting property back on the market. This development should enable more potential purchasers to find desirable properties to buy. However it could also present a challenge to the trend in rising prices particularly when interest rates finally begin to move upwards."