Housing market stuck in doldrums

THE Scottish housing market failed to turn a corner last month, with sales and demand remaining flat.

Chartered surveyors reported a fall in new buyer inquiries, and house prices were also under pressure, with 24 per cent more surveyors reporting price falls than rises.

The Royal Institution of Chartered Surveyors (RICS) UK Housing Market Survey also showed that newly-agreed sales in Scotland fell for the third consecutive month.

In contrast, RICS said there was an increase in the number of new homes going on the market despite the slump in demand, which it said could put further pressure on prices.

RICS Scotland director Sarah Speirs said: “It is unlikely that we will see any real movement until purchasing a property is more affordable and accessible for the likes of first-time buyers.”