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Scottish property market begins to recover

The Scottish housing market continued to show signs of recovery during June, with rising house prices and sustained demand for new properties, according to the latest RICS Residential Market Survey.

Around 16% more chartered surveyors reported prices rose rather than fell in June. The outlook for future prices is also strong with 31% more respondents reporting that prices will rise rather than fall over the coming three months.

This rise in prices has mainly been fuelled by increasing numbers of prospective buyers returning to the market. Last month, a net balance of 59% more chartered surveyors reported a rise in new buyer enquiries. Reflecting recent optimism in the Scottish housing market 68% of chartered surveyors reported a rise in newly agreed sales in June.

Despite the increasing appetite to purchase property and the added support to do so, the rental market continues to be important in providing housing. Overall demand for rented property rose slightly during June, to a net balance of 25% (from 23%).

“We are finally starting to see what looks like the beginning of a recovery in the housing market, with a rise in newly agreed sales. It is important to remember that activity levels still remain depressed by historic standards but the various initiatives designed to encourage the provision of finance into the market do appear to be paying dividends,” said Sarah Speirs, Director RICS Scotland.

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