Homes shortage pushes up prices

A shortage of homes available for sale is continuing to push up house prices, according to a new survey.

A net balance of +21 per cent of Scottish surveyors questioned (those reporting a rise minus those reporting a fall) said that house prices rose in January, which was above the UK figure of +8 per cent.

Meanwhile, a net balance of -12 per cent reported a fall in the number of homes becoming available for sale, the latest Royal Institution of Chartered Surveyors Residential Market Survey for January 2018 found.

This is the tenth consecutive month that the number of new instructions to sell has been in negative territory.

Property experts said that with new buyer inquiries continuing to increase, this suggests that there is a widening gap between availability and demand that will exacerbate supply constraints.

Gail Hunter, RICS director in Scotland, said: “Surveyors remain positive about the prospects for the housing market in Scotland. However, they also point to a shortage of properties becoming available for sale, which will have a constraining effect on sales activity and potentially push up prices further.”