Demand for new homes in Scotland has bucked the UK trend, according to the latest RICS Residential Market Survey, with a net balance of 52% more surveyors seeing a rise in new buyer demand.
While across the whole of the UK the supply and demand picture in August was mixed, in Scotland price momentum and new buyer interest remained firm, with 41% more surveyors reporting a rise in property prices and new buyer demand remaining unchanged from July’s figures (52%).
On the supply side, properties coming onto the market in Scotland remained in positive territory in August, with 7% more surveyors reporting an increase in new stock coming onto the books (compared to the UK average of 11% more surveyors reporting a decline in supply). Looking ahead, Scottish surveyors also expect house prices over the next 12 months to increase by 2.6%.
“The Scottish housing market continues to show a greater degree of resilience compared to elsewhere in the country, with more stable price trends and firmer demand, reflecting that affordability is rather less stretched,” commented Sarah Speirs, Director RICS Scotland.
“Looking ahead, there are increasing signs that the Scottish market is gradually moving onto a more sustainable footing and we now need investment in regeneration and creation of new stock in order to keep prices at a sustainable level,” she added.
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