Positive signs in Scottish housing market

The latest housing market survey by RICS has reported encouraging news regarding the Scottish housing market after it found indications that both activity and prices could begin to pick-up later in the year.

Around 10% of Scottish chartered surveyors reported a rise rather than fall in predicted sales for the coming months. Combined with a net balance of 14% more surveyors reporting a growth in new instructions, the results indicate the Scottish conveyancing market is turning a corner.

Meanwhile although 10% more Scottish chartered surveyors reported prices continuing to decline in March, the outlook has become a little more upbeat with the 12 month price expectations series turning positive for the first time since May 2011.

With regard to demand for property, the number of prospective buyers viewing property during March 2013 edged upwards, with a net balance of 8% more surveyors reporting rises in new buyer enquiries. Meanwhile, the amount of homes coming onto the market continued to increase, albeit at a slower pace than in February, with 14% more surveyors reporting rises rather than falls in new instructions.

On a general level, the survey suggests that good quality properties in prime locations continue to create demand and obtain desired prices.

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