More homes coming onto the Scottish market

There has been a welcome increase in the number of homes coming onto the Scottish property market, according to the latest Residential Market Survey from the Royal Institution of Chartered Surveyors (RICS).

During December, a net balance of 44% more chartered surveyors reported an increase in new instructions, the highest in the UK. This rise is very opportune, as demand for property is continuing to grow in Scotland. The RICS’ survey apparently found a net balance of 55% more respondents reporting a rise in new buyer enquiries across the country.

However, despite the increase in properties demand is still outstripping supply, and as a result prices continue to rise across the country. Significantly, every area of the UK saw prices increase with London and the South East experiencing the biggest jumps.

RICS has also reported a growing recognition of the importance of the Home Report, which provides essential information on the condition, valuation and EPC rating of a property. Around 71% of respondents said that their clients viewed the home report as a valuable tool in the house buying and selling process.

“Growing availability of affordable mortgages has released some pent-up demand from a market that, in recent years, has seen many viable buyers unable to enter the market,” commented Sarah Speirs, Director of RICS Scotland. “On the face of it, this seems like good news but unless we see a marked increase in the number of homes coming up for sale we could well be looking at a price rises becoming unsustainable in some areas.”

“This is a central issue which will be addressed by the Scottish Housing Commission Report, published in April 2014,” she added.

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