Demand for properties last month remained steady, with a net balance of 15% more chartered surveyors reporting an increase in new buyer enquiries, according to the RICS UK Residential Market Survey for March.
Activity in the housing market is apparently now showing encouraging signs of life in many areas that had been fairly stagnant, however, in general the market continues to be hampered by the continued lack of available housing stock.
Despite growth in new buyer enquiries, new instructions from vendors in Scotland continued to fall in March as the predicted ‘spring bounce’ failed to materialise, a situation that was reflected in most parts of the UK.
Significantly, the steady interest from potential buyers continues to be accompanied by rising house prices. During March, a net balance of 32% more surveyors saw prices rise rather than fall across Scotland, with this anticipated to continue for the coming months. Price rises are not expected to deter buyers, with 46% of respondents predicting an increase in sales during the next three months.
“Now that the housing market recovery is underway and mortgage finance is more readily available, buyers seem to be looking to test the market across Scotland,” commented Sarah Speirs, Director RICS Scotland. “That said, it is a major concern that we are not seeing enough houses coming onto the market to meet this demand.”
“For the market to operate effectively, we desperately need more homes in areas where people want to buy and want to live. Until this happens we’re likely to see prices to continue to increase and it is going to be ever harder for many first time buyers to enter the market,” she added.
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