House prices are being pushed up due to increased numbers of buyers faced with a shortage of properties going on the market, according to research.
A lack of supply has forced price rises over the last six months, the Royal Institute of Chartered Surveyors said.
The research comes after Aberdeen was named as the most expensive city in Scotland with properties now going for an average of £238,100.
Prices have doubled in Aberdeen over the last decade, a performance only matched by Islington and Westminster in London.
RICS said the lack of available properties was a “big concern”. Director Sarah Speirs said: “It’s encouraging that the market is starting to improve in all parts of the country, with more buyers looking to make a move and more sales going through.
“Even so, it’s a big concern that the supply of property coming to the market is lagging so far behind demand.
“This imbalance is likely to result in further upward pressure in prices over the coming months, particularly in popular areas.”
One property expert said there had been a “historic” undersupply of homes to buy in the Aberdeen area with new-build developers currently attempting to satisfy house hunters. Faisal Choudhry, research director at Savills, said: “Supply is certainly an ongoing issue in Aberdeen and has been historically when compared to Edinburgh and Glasgow. However, new builds, including the ones we are seeing at places such as Ellon, Kintore and Inverurie, are able to command strong prices and strong sales.”
Gavin Bain, of Gavin Bain and Group solicitors and estate agents, said: “The market has completely changed this year. Arguably, at the start of the year there were too many properties on the market.
“Activity in the oil and gas industry is seeing companies secure more work and demand is up. You could argue that supply isn’t there because demand is exceeding it. The supply is certainly not meeting demand for good-quality one-bedroom and two-bedroom flats but when you move up to three-bedroom houses, the balance is probably a little better.”
RICS said 78% of surveyors reported an increase in new buyer inquiries, with 32% reporting price increases during September.
More than half of those surveyed expect prices to continue to rise in the next three months.
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