Only one in four surveyors predicts a rise in house prices



Only one in four surveyors believes there will be a growth in Scottish house prices early next year, according to the monthly RICS Residential Market Survey.

The Royal Institution of Chartered Surveyors suggests 24% of respondents in Scotland expect prices to increase during the three months ahead. In comparison, the UK net balance sits at zero.

Ian Morton, of Bradburne and Co in St Andrews, said: “The General Election has stagnated the market in addition to the traditional slowdown at this time of year. We are preparing for 2020.”

Nearly two-thirds (63%) of Scottish respondents also expect house prices to be higher in a year than at present, while the UK figure for 12-month price expectations is 33%.

For the long-term outlook, half the Scottish respondents expect sales activity to be higher in 12 months’ time.

Jack McKinney, of Galbraith and Lawson in Glasgow, described the current market as “slow and made worse by the political situation and the time of year”.

But the survey indicated house prices in Scotland held up again in November despite the subdued activity. The figures rose for 12% of respondents, the joint-lowest reading in Scotland since July 2016, but above the current UK average of minus 8%.

While newly agreed sales edged up from low levels in October, inquiries from potential buyers in Scotland reportedly fell during November for the third month in succession – a net balance of minus 4%.

Surveyors in Scotland also saw fewer properties come to the market, with a net balance of minus 16% for new instructions to sell.

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Alex Inglis from the Galbraith Group, based in the Scottish Borders, said: “The phones have been quieter in the run up to the General Election and Christmas. However, there are still buyers around and we actually agreed more sales in November than we did in October.”



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