Surveyors report slowing growth in house prices

homes for saleScottish house prices edged up only slightly during July with surveyors predicting homes to decrease in value in the near future.

The latest UK Residential Market Survey from the Royal Institution of Chartered Surveyors (RICS) found that just 8 per cent more surveyors reporting a rise rather than fall in prices north of the Border.

RICS said the slowing house price growth was also evident across most of the UK.

As price growth slows for now, near term price expectations across the UK were negative for the third month in succession with 12 per cent more respondents predicting a decline in house prices over the next three months.

Interest from new buyers in Scotland also continued to wane, with the results showing a third consecutive month of falling demand.

The survey indicated house sales declined sharply as a result of the dip in demand and an ongoing shortage of stock.

Simon Rubinsohn, RICS chief economist, said: “The housing market is currently balancing a raft of somewhat mixed economic news alongside the latest policy measures announced by the Bank of England, which have already begun to lower cost of mortgage finance.

“Against this backdrop, it is not altogether surprising that near term activity measures remain relatively flat.”

Tags: RICS

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