A net balance of -2 per cent of surveyors in Scotland was reported for new buyer enquiries in August, indicating a flat picture, which follows a period of four months when this balance was positive.

Supply was also constrained in the month. A net balance of -6 per cent of surveyors in Scotland report that new instructions to sell fell through in August, down from the month previous.

With demand and supply balances more subdued through August, it’s unsurprising that Scottish surveyors reported a fall in newly agreed sales. A net balance of -20 per cent of surveyors reported that sales declined in the most recent survey, which is the lowest this balance has been in over a year.

With that being said, a net balance of 29 per cent of surveyors in Scotland expect sales to increase over the next three months. This has edged upwards slightly from the 26 per cent that was seen in July.

When it comes to pricing, a net balance of 36 per cent of surveyors in Scotland report that prices rose over the last three months. Looking ahead, a net balance of 34 per cent of Scottish survey respondents anticipate that prices will continue rising over the next three-month period.

Regarding the rental market, a net balance of 25 per cent of respondents in Scotland expect tenant demand to rise and a net balance of -75 per cent expect landlord instructions to fall. In turn, a net balance of 25 per cent of surveyors in Scotland anticipate rents will rise over the next three months.

Tarrant Parsons, head of market research and Analysis at RICS, said: “With buyer demand easing and agreed sales in decline, the housing market is clearly feeling the effects of ongoing uncertainty. Concerns over the wider economic and fiscal outlook, combined with questions around the future path of interest rates amid stubbornly high inflation, are weighing on sentiment at this time.”