RICS: Scottish house prices improve again
The proportion of chartered surveyors reporting price rises hit a five year high, as the net balance of respondents reporting rises jumped to 54%.
This is the highest reading since September 2007 and demonstrates the impact that the imbalance between supply and demand is having on the market.
Sarah Speirs, director of RICS Scotland, said: “The housing market is gathering momentum and buyer numbers are on the rise across Scotland.
“That said, the number of homes currently up for sale is still nowhere near enough to keep up with demand and – in order for the market to function correctly – this imbalance urgently needs to be addressed.
“If we are to create a more sustainable market, it is critical that many more good quality homes are built in areas where people want to live.”
With the housing market showing consistently positive signs in recent months, demand for rented accommodation in Scotland is rising more modestly than previously.
A net balance of only 13% of respondents reported rises in interest from potential tenants during October.
Looking ahead, respondents are optimistic that the currently flourishing market is set to continue, with expectations for both future prices and future transaction numbers remaining steady over the coming three months.
Kevin J Macdonald MRICS, associate at Graham and Sibbald, said: “This year has seen a marked increase in numbers of purchasers looking to buy and prices being paid, with many properties also now taking less time to sell than had previously been the case.
“The reintroduction of closing dates is a further positive sign.”