The Scottish housing market remained broadly stable last month, with both activity and house prices showing some encouraging signs, according to the latest RICS Housing Market Survey.

For the first time since time since mid-2011, the new buyer enquiries and newly agreed sales series remained positive for the third consecutive month. A net balance of 3% more chartered surveyors reported a rise in new buyer enquires, teamed with a net balance of 6% more surveyors reporting an increase in newly agreed sales.

Near term price expectations are broadly flat with a net balance of only 5% more chartered surveyors reporting a likely fall in prices over the next three months. More significantly, the longer term outlook suggests a more upbeat picture for house prices, with a net balance of 28% more surveyors predicting a rise in prices over the next 12 months. This is the most positive reading since July 2010. Surveyors responding to the survey suggest that, on average, house prices are likely to rise by 1.5% over this period.

The positive signs within the housing market fail, however, to impact on the lettings industry. Latest RICS figures show that tenant demand in Scotland remains robust and continues to exceed new landlord instructions. Consequently, a net balance of 25% more chartered surveyor report an increase in rent expectations over the next three months.

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