A net balance of -23% of respondents in Scotland said that sales fell in the October survey. Buyer demand was also muted, with a net balance of -17% of respondents reporting a fall in new buyer enquiries, down from the 36% in the survey prior.

However, looking forward, a net balance of 26% of Scottish respondents expects sales to increase over the next three months, edging upwards slightly from the net balance of 24% seen in the September report, suggesting that underlying demand is good.

And house prices continue to edge upwards. A net balance of 27% of respondents in Scotland reported that prices rose in the most recent survey, and a net balance of 14% anticipates that prices will increase over the next three months, up marginally from the net balance of 11% seen in the previous report.

Richard Clowes MRICS of Graham & Sibbald Property Consultants Ltd in the Scottish Borders and North Northumberland, said: “External factors continue to have an impact on the wider economy and confidence generally. Realistically priced property continues to sell.”

Greg Davidson MRICS of Graham + Sibbald in Perth added: “Political uncertainty has caused some hesitation to property markets, and this is likely to exacerbate a traditional winter slow down. Underlying conditions are quite stable which should benefit the market in 2027.”

Commenting on the UK picture, RICS head of market research and analysis, Tarrant Parsons, said: “Home buyer demand remains subdued, and respondents are bracing for a weaker year ahead for sales given the persistent macroeconomic challenges being faced.

“In accordance with this, the Bank of England’s rate rise was accompanied by a clear warning that policy may need to tighten further if higher energy costs feed through into wider prices. With inflation now projected to approach 5% next year, mortgage rates are likely to remain elevated for longer, thereby continuing to weigh on the market.”