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Scottish Housing Market Needs More Homes

The Housing market in Scotland continues to show signs of recovery, according to a residential market survey undertaken by the Royal Institution of Chartered Surveyors (Rics), which showed an increase in new buyer enquiries. Further, 46% of respondents to the survey predicted an increase in sales over the next three months.

Sarah Speirs, Director, Rics Scotland said: “Now that the housing market recovery is under way and mortgage finance is more readily available, buyers seem to be looking to test the market across Scotland”.

Despite these encouraging signs, the survey indicates that the housing market’s recovery is being hindered by too few homes being available to meet demand.

Sarah Speirs continues: “it is a major concern that we are not seeing enough houses coming onto the market to meet this demand. For the market to operate effectively, we desperately need more homes in areas where people want to buy and want to live”.  

The survey indicates that it is not clear when, or if, this imbalance between buyer demand and homes on the market will change. House prices are therefore expected to increase over the coming year. Despite the price increase, Rics does not anticipate buyers being deterred.

The Residential Market Survey March 2014 and the associated press release can be obtained from the Royal Institution of Chartered Surveyors website.