The latest RICS UK Residential Market Survey has revealed an increase in the supply of Scottish residential properties coming on to the market during April, which is the first increase in three months.
Despite a net balance of 8% more respondents reporting an increase in new instructions, demand for residential property also grew, outpacing new supply and continuing to push price expectations higher. A net balance of 26% more chartered surveyors expect Scottish house prices to rise over the next three months.
Sales apparently remained steady across the country in April and the growth in activity is expected to continue, with 36% more respondents (net balance) predicting an increase in Scottish residential property sales over the next three months.
In the lettings market, tenant demand continues to rise and there was a noticeable decrease in new landlord instructions during Q1 2016. As a result, rents are expected to increase further during the next three months.
“We are seeing a welcome increase in properties coming on to the market and we hope this will continue in coming months,” commented Sarah Speirs, Director RICS in Scotland. “However, as demand also continues to grow, this supply will not meet market needs and we call on the newly elected Scottish Government to make the increase of housing supply across all tenures a priority.”
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