HOUSE prices are on the rise across Scotland as the shortage of homes being put up for sale continues to restrict the property market, according to a survey conducted by the Royal Institution of Chartered Surveyors. In the survey, Rics confirmed that Scottish house sales made over the previous month were still “lacking momentum”.
However, the number of new buyer inquiries were almost unchanged, with only four per cent of surveyors reporting an increase in demand.
A similar survey carried out by the UK Residential Market also showed a fall in new instructions.
Predictions of growth in house prices across Scotland dropped marginally last month, with 30 per cent of those featured in the Rics survey reporting a rise – down from 32 per cent in December.
A key factor for this is understood to have been a lack of supply, but the survey confirmed that property prices were expected to rise again throughout Scotland over the next 12 months.
Simon Rubinsohn, Rics chief economist, said: “The scale of the challenge the UK Government faces as it announces its new approach to housing is clearly demonstrated in the results from our latest survey.
“Not only are the headline price and rent series pointing to further increases over the course of this year but, more significantly, the medium term view of Rics professionals working up and down the country is that both house prices and rents will, over the medium term, continue to grow at a faster pace than wages putting even greater pressure on affordability.”
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