Surveyor sentiment in Scotland remains significantly more positive than it does elsewhere, although it is clear that the property market is slowing significantly.

In the most recent housing market survey by the RICS, 70 per cent of Scottish surveyors said that they believed house prices were stable, compared to just eight per cent who could same the same thing in the south east of England.  The number of surveyors reporting a fall in prices in Scotland rose, but the proportion of surveyors reporting a fall in prices was by far the lowest in the UK.

Scottish surveyors also remained more optimistic about the level of future sales with a positive balance of 12 per cent expecting sales to rise.  Again, that compares to figures showing a significant balance (-15 per cent) of surveyors in England and Wales expecting the number of sales to fall. 

Across the UK, the survey recorded a slump in transactions and the overwhelming majority of surveyors reported lower selling prices.  But the survey noted that there was no sign of forced sales that could push prices down more steeply.  Noting that new instructions to sell property had declined for the fifth month in a row, the RICS said that this reflected the: ‘continued
absence of distressed sales' adding ‘This is consistent with both the low level of mortgage arrears and the high level of employment at the present time'.