A net balance of -8% of respondents in Scotland report that new buyer enquiries fell in February, down from the net balance of 18% that was seen in the survey previous. This is the lowest this balance has been since mid-2024.

When it comes to supply, a net balance of 8% of respondents in Scotland report that instructions to sell rose last month, which is down from the 27% seen in the January report.

Looking at sales, a net balance of 7% of surveyors in Scotland reported a rise in newly agreed sales in February. This is the second consecutive month this balance has been in positive territory. And a net balance of 39% of Scottish respondents anticipate that sales will rise over the next three months.

With regard to pricing, a net balance of 28% of respondents in Scotland report that house prices rose over the past three months, though the rate of price increase had moderated from January’s report. And surveyors are optimistic that house prices will continue rising with a net balance of 24% of Scottish respondents anticipating that house prices will increase over the next three months.

Commenting on the sales market, Marion Currie ASSOCRICS, RICS Registered Valuer at Galbraith in Dumfries & Galloway, said: “Activity has increased as February has unfolded. Agreed sales are starting to gain momentum and a good supply of fresh stock is in the pipeline. An encouraging outlook as we head towards a new financial year.”

Thomas Baird MRICS of Select Surveyors Ltd in Glasgow added: “An increase in house prices across the board in Britain, and Scotland included, with a steady growth in sales and also in the letting market.”

Commenting on the UK picture, RICS head of market research & analytics, Tarrant Parsons, said: “February’s survey highlights renewed volatility in the market. While activity indicators at the start of the year suggested a tentative improvement, the deterioration in the geopolitical backdrop has clearly weighed on confidence.

“The recent rise in oil and energy prices has also increased the likelihood that mortgage rates will remain higher for longer. As a result, near-term expectations have softened. Although the twelve-month outlook remains positive overall, maintaining that trajectory will depend on the recent spike in inflationary pressures easing in the months ahead.”