There has been steady growth in house sales and buyer enquiries in Scotland during March, and the number of properties coming onto the market continued to lag behind demand, pushing prices rapidly upwards.

According to the latest RICS UK Residential Market Survey, the supply versus demand imbalance across Scotland led to 21% more surveyors reporting a rise in house prices during March, and 27% more surveyors expecting prices to increase over the next three months.

Overall the demand for residential property remained steady in Scotland, with 11% more surveyors reporting an increase in new buyer enquiries, and 9% more surveyors reporting an increase in newly agreed sales during March.

There have been indications of price increases in recent months, as the supply of stock to the market continues to fall. According to RICS, there is anecdotal evidence to suggest that election uncertainty and the impact of the drop in oil prices may be having some impact on the market. However, the underlying trends visible in the latest survey indicate a very real housing crisis that will urgently need to be addressed by the next UK Government.

Northern Ireland continues to outperform the rest of the UK with the strongest house price growth in March and the highest price expectations over the next three months. However, across much of the rest of the UK, particularly in Wales and Scotland, price gains over the next three months are expected to be much more moderate.

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