The Scottish housing market appears to have finally turned a corner as prices and demand continue to grow, according to the latest RICS Residential Market Survey.
During July, the amount of potential buyers looking to enter the market saw a considerable rise, as a net balance of 52% more chartered surveyors reported increases in demand. Since the start of the year, buyers have gradually been returning to test the market – thanks in part to government finance initiatives – yet the amount of would-be buyers during the last three months has witnessed a sizable peak.
Consequentially, prices continued to increase in Scotland for the second consecutive month, with a net balance of 39% more chartered surveyors reporting a rise in prices. Notably, price rises were not only confined to Scotland, with the majority of the UK seeing growth as we enter the end of the summer period.
Looking ahead, it seems that prices across the country are going to continue to rise, with a net balance of 29% more Scottish surveyors predicting increases over the next three months and 56% more over the next year. Meanwhile, transaction levels are also apparently expected to grow, as 60% more respondents expect sales to rise rather than fall.
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