Scottish house prices continue to rise amid shortage

House prices have been rising since early 2013. Picture: TSPL

House prices have been rising since early 2013. Picture: TSPL

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House prices in Scotland continue to increase mainly due to a lack of homes on the market, estate agents have said.

Prices have been rising since early 2013 and the trend is forecast to continue for the next 12 months.

The number of sellers reporting rising prices increased 17% last month, up from the 8% increase in July, according to the latest Royal Institution of Chartered Surveyors (RICS) UK residential market survey.

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The organisation said the shortage of stock for sale is the main driver behind the price rises, which also looks set to continue with 10% more respondents reporting a decline in new instructions in August.

The number of sales is expected to fall in the short-term, with 10% more chartered surveyors forecasting a fall in the next three months but projections at 12 months have now climbed out of negative territory UK-wide.

RICS Scotland director Gail Hunter said: “Across the UK we are seeing confidence return following the EU referendum.

“In Scotland, prices looks set to remain firm, in part caused by the lack of stock across the country.

“Uncertainty remains over the market post-Brexit, and expected sales have declined yet again, but this week we have seen the First Minister take some very welcome steps which will help to return some much-needed stability to our property and construction sectors.

“The Scottish Government’s programme for government 2016-17 has provided key policies and legislative proposals that could provide much-needed certainty in an uncertain world.”

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