Scottish Property Prices Expected To Rise

According to the most recent ‘Housing Market Survey’ published by the Royal Institute of Chartered Surveyors (RICS), property sales in Scotland are expected to rise over the coming months.

The survey returns the opinion of Chartered Surveyors across Scotland and represents their views on market conditions based on their current activity.  This includes, amongst other things, the number of Home Reports being requested for new properties to market.

The report highlights that a net balance of 3% more surveyors reported a rise in new buyer enquiries teamed with a net balance of 6% more surveyors reporting an increase in sales.  Whilst there has been an increase in buyers, near term price expectations are broadly flat with a net balance of only 5% more surveyors reporting a likely fall in prices over the next three months.

More significantly, RICS suggest that the longer term outlook is likely to see house prices increase. A net balance of 28% more surveyors predict a rise in prices over the next 12 months and they report that this is the most positive reading since July 2010. Surveyors responding to the survey suggest that, on average, house prices are likely to rise by 1.5% over this period.

What does this mean for Edinburgh & the Lothians

The property market in general is extremely localised and Edinburgh & the Lothians is no exception.  Price movement, either up or down, is very much dependant on a number of factors including supply and demand, the type of property, location and condition.

This is why Nelson’s prefer not to generalise about the likely performance of our local market.  We promote the view that those individuals thinking about selling their home should ask us for a pre-sale consultation.

Our consultations are designed to help you understand the dynamics of the area you are selling in and guide you through what your expectations should be for a successful sale of your property.

We know that looking for a new home will be uppermost in your mind and we will talk through how the whole selling and buying process fits together.

We expect sales to gather momentum over the next 6 months which means that, on balance, prices are likely to increase in some areas.  Given that we have had a broadly flat period on price movement it could be that now is a good time to consider your next move – in advance of any upward trend in prices.

To secure a no obligation pre-sale consultation call us to arrange a suitable appointment.