The latest RICS UK Residential Market Survey has been released and highlight stats for October. While Scottish figures do not feed into the main headlines, we have analysed the Scottish stats and main results include:
• Scotland was only one of three regions that saw pick-up of sales activity during October, while sales trends were either flat or negative across the rest of the UK.
• Prices in Scotland have remained constant in October compared to previous three month average
• Enquiries in October are higher than the previous three month average
• New vendor instructions have remained constant in October compared to the previous three month average
• Price expectations for the next three months are slightly down on the three month average
• Sales expectations for the next three months are above the three month average.
So what can we take from the above findings? The continued lack of supply to the market remains the key issue in the Scottish property market but of course it is encouraging to see Scotland buck a UK trend by increasing sales activity in October.
Over the next three months, it is predicted sales will continue to increase at the same time as a slight price drop. This is perhaps surprising given the present lack of supply. If demand outstrips supply prices should be expected to increase.
The health of the property market will be determined by the supply of new properties onto the market to offer those interested in purchasing a property a greater choice. We would hope for similar figures in November before the market typically tails off towards the end of the year.