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Scottish housing market ‘holiday’ comes early

Scottish home buyers appeared to have taken an early holiday as demand for property dipped, according to the June 2011 RICS UK Housing Market survey.

This dip came ahead of the usual summer slow down of the housing market in July and August. June had fewer buyer enquiries than any other month this year. The number of agreed sales also dipped in June. Traditionally June remains a busy time for buyers and sellers, and it is July and August which are quieter due to holidays.

Sellers however did not take a ‘holiday’ and property continued to go on the market in Scotland. The high number of properties on the market but low number of purchasers puts buyers in a strong negotiating position. 

However, chartered surveyors note that because the market remains difficult to access, the only buyers who can really be considered serious are those who have already sold their property, or have a mortgage agreement in place. 

House prices continued to slip across the UK with London the only area immune. In Scotland 25% of surveyors said prices had fallen, 71% said they had stayed the same and just 4% said they had risen.