Scottish House Prices Continue to Rise

Scottish house prices are set to continue to rise in February and March as supply fails to meet demand, according to the latest survey by the Royal Institution of Chartered Surveyors (RICS).

Throughout 2015 the chartered surveyors reported almost continual growth in prices and this continued in December and January. The latest RICS UK Residential Market Survey has shown rising demand from would-be buyers and only a slight increase in properties coming onto the market, leading to an increase in newly agreed sales in December and January.

Sarah Speirs, director of Rics in Scotland, said: “The Scottish housing market has experienced an unusually buoyant December, with growth in transactions, demand and a small increase in properties coming onto the market.

“Despite this growth in new instructions, the chronic shortage of housing supply in Scotland continues to result in rising house prices and rents across the country.

“To remedy the shortage, Scottish government policy is, and for a considerable amount of time has been, aimed at supporting demand and, more crucially, the new-build market and home ownership.”

Rics recently launched a document which aims to inform political parties of the role property plays in driving Scotland’s economic growth ahead of the Scottish parliamentary elections in May.

Ms Speirs added: “The recommendations within this report focus primarily on vital methods of increasing supply and maintaining existing housing stock to provide a robust, sustainable approach to address Scotland’s current housing market needs.”