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21/01/2016

Scottish House Prices Will Continue To Rise - RICS

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Scottish house prices are due to keep rising for the foreseeable future, according to new figures.

The Royal Institution of Chartered Surveyors (RICS) report reveals rising demand and a marginal increase in the number of new properties coming to the market led to a surge of newly agreed sales in December.

However, the market was descibed as being "unusually buoyant" during this period.

Overall, 35% of questioned surveyors predict a further rise in transactions between January and March 2016, while a total net balance of 24% expect average prices to increase this quarter.

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RICS also warned that supply was still failing to meet demand across the housing market.

Sarah Speirs, director of RICS in Scotland, said: "Despite a 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."

In addition, the organisation recently launched a new report 'Shaping Scotland's Housing Future' ahead of the Scottish Parliament elections in May.

The publication informs political parties of the role property plays in driving the country's economic growth.

Ms Speirs said: "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 current housing market needs."

(LM)

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