Lack of supply ‘driving up’ Scottish house prices

homes for saleScottish house prices have maintained their upward projection as the number of new properties on the market continued to fall, the Royal Institution of Chartered Surveyors (RICS) have said.

The organisation’s October RICS UK Residential Market Survey found that while the number of potential buyers had risen for the second month in a row, the number of properties coming on to the Scottish market continued to drop, that has been visible in Scotland for the past year.

Prices continue to rise, with a net balance of 40 per cent more respondents seeing growth, rather than a decline, up from a net balance of +33 in September.

The survey also predicted rent rises for tenants over the next three months as demand outpaced supply.

RICS chief economist, Simon Rubinsohn, said the lack of housing supply in Scotland was replicated across the UK.

He said: “The dire shortage of available housing across the UK is continuing to push prices upwards, regardless of the uncertainty linked to the ongoing discussions surrounding Brexit.”

Tags: RICS

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