The latest RICS UK Residential Market Survey has been released and highlight stats for August. While Scottish figures do not feed into the main headlines, we have analysed the Scottish stats and they offer some positive reading. In particular:
• Enquiries have risen in August compared to previous three month average
• New vendor instructions are marginally above the previous three month average
• Newly agreed sales for August have increased compared to the previous three month average
• Price expectations for the next three months is significantly ahead of the previous three month average
• Sales expectations for next three months is slightly ahead of the previous three month average.
Following on from July which was no doubt impacted by the Brexit result, the results for August are certainly brighter. Looking ahead, the figures suggest increasing prices over the coming months, mainly due to ongoing issue of lack of supply. We will wait and see if this limited supply of properties on the market continues.