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Number of new homes on Scottish property market rises

Property market latest
Property market latest

The number of new homes coming onto the market in Scotland rose last month, bucking the trend across the rest of the UK, a study has found.

The latest residential market survey from the Royal Institution of Chartered Surveyors (RICS) found that Scotland’s supply of residential housing is rising at a faster rate than anywhere in the UK.

RICS found that a post-election surge in instructions for estate agents and its surveyors from new vendors failed to materialise south of the border and in Northern Ireland.

But in Scotland a net balance of 30% more surveyors reported a contrary experience, noting an increase in demand from new sellers.

The survey also concluded that supply to the rental market in Scotland remains “buoyant”.

In other findings, the May study found that 23% more surveyors reported a rise in inquiries from new buyers.

A total of 43% more members said they had seen an increase in house prices compared to those who had not.

A similar percentage, 41% more surveyors, expect prices in Scotland will continue to rise over the next three months.

RICS Scotland director Sarah Speirs said: “The property market in Scotland frequently defies trends across the UK, and that’s particularly evident in May.

“While the rest of the UK has seen a fall in the supply of homes being sold and being put up for rent, that’s not the case in Scotland.

“RICS members are also reporting a steady increase in demand from buyers. It is further expected that prices will continue to rise, both in the next few months and over the course of the next year.”

Andrew Hitchen, of J & E Shepherd in Stirling, said: “There are very encouraging indicators, such as an increase in new buyer enquiries and uplift in new vendor instructions. This month has proved a busy period and no sign of slowing.”

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