Scottish Surveyors Expect House Prices to Rise This Year as Market Conditions Improve
House prices in Scotland are expected to rise through the first quarter of 2024 according to the latest Royal Institution of Chartered Surveyors (RICS) Residential Market Survey.
This is the first-time that Scottish respondents’ three-month expectations for prices have moved into positive since May 2022.
This coincides with an overall improvement in sentiment within the Scottish residential market, according to respondents, which appears to be linked to the trend towards lowered mortgage rates. Indeed, along with Northern Ireland and the Northwest of England, Scotland is one of the only parts of the UK where respondents expect prices to move higher over the course of 2024.
A net balance of +8% of respondents in Scotland anticipate that prices will increase over the next three months. On a 12-month outlook, the net balance is +12%.
This follows a relatively flat picture for prices in the three months to the end of December, with a net balance of +2% of respondents reported. This is compared to the UK average balance of -30% and continues a trend of improvement over the last three surveys.
Looking at demand, a net balance of -6% of respondents in Scotland reported a fall in new buyer enquiries. Although remaining in negative territory, this is the least negative this balance has been since February 2023.