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RICS housing survey reveals more encouraging signs

According to the latest RICS residential market survey, chartered surveyors in the UK sold an average of 17.9 properties during the three months to May. While low compared to the market peak of six years ago, this figure still apparently represents the highest reading since January 2010.

In Scotland sales are expected to continue their rise over the next three months with a net balance of 36% more respondents predicting transaction levels will grow (from +12%). The longer term picture also looks positive, with 64% more respondents expecting sales to rise over the next 12 months.

A key driver behind this jump in activity is the recent upturn in buyers testing the market. Interest from would-be buyers in Scotland rose sharply during May, with 71% more chartered surveyors reporting rises rather than falls in new buyer enquiries.

Prices in Scotland also look set to turn the corner over the next 12 months, with 36% more surveyors predicting a rise in house prices over the period.  Feedback from chartered surveyors suggests that prices will rise by between 1 and 1.5%.

“May was an interesting month for the housing market in Scotland,” commented Sarah Speirs, Director RICS Scotland. “There has been a definite increase in activity, with an encouraging increase in new buyer enquiries and new instructions. There is still a very long way to go until we see a full scale recovery but green shoots are beginning to sprout.”

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