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Rics reports rising demand in Scottish housing market

Rics reports rising demand in Scottish housing market

Rising prices and burgeoning demand from buyers have led to more homes coming on to the Scottish property market as it continues to recover, according to a report.

It appears people who may have been waiting for the right time to sell are choosing to do so now, the Royal Institution of Chartered Surveyors (Rics) said.

Last month 48% more surveyors reported increases rather than decreases in new instructions, up from 24% in the previous month.

Price rises look set to continue steadily, Rics’s residential market survey for August also said.

A balance of 43% more surveyors expect further price growth in Scotland over the next three months.

Rics Scotland director Sarah Speirs said: “We are starting to see more people return to the housing market. There are buyers are out there and prices are edging upwards.

“It is important, however, that prices do not rise to such an extent that they become unaffordable. For the market to work properly, it’s vital that property is both accessible and affordable, and we’ll be monitoring the situation very carefully as the housing sector continues to recover.”

The number of potential buyers increased in August with 73% more respondents reporting growing numbers of inquiries from would-be buyers, Rics said.

Although supply jumped “considerably” last month, it did not rise sharply enough to keep pace with “the sheer weight of demand”, the report found.

Elsewhere in the UK, each region saw supply increase as the apparent recovery continues to spread from the South East of England to other areas.