DM Hall responds to latest RICS Residential Market Survey

The RICS UK Residential Market Survey for July has been released. From a Scottish point of view, while data for Scotland is collected these do not feed into the headline readings so we have to dig a little deeper to analyse the Scottish market.

In summary, the main results for Scotland in July are as follows:

Prices: Average in Scotland is up but July was slower than the previous three month average.
Enquiries: Stayed consistent over the past three months
New Instructions: Below 2015 levels but July levels above previous three month average
Agreed Sales: Fallen in July
Price expectations for next three months: Remain stagnant
Sales expectations for next three months: Fall below previous three month average

All in all, the above findings paint a picture most of us will be familiar with especially for July which of course is a main holiday period. The Scottish market is neither sitting in the doldrums or experiencing extreme activity, so very much steady as she goes. What will be interesting is to see the stats for the next few months to identify if the Brexit result has had any influence on the property market or alternatively it is simply convenient to use Brexit as a whipping horse.

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