RICS: House prices in Scotland rise at fastest rate in two years

A net balance of 39 per cent of surveyors in Scotland reported that house prices rose through the month of August. This is the ninth consecutive month this figure has been in positive territory, and the highest the balance has been since July 2022.

Looking forward, a net balance of 13 per cent of respondents in Scotland anticipate that prices will rise over the next three months too.

Whilst new buyer enquiries were reported to have fallen in August, with a net balance of -13 per cent of Scottish surveyors reporting a fall, a net balance of +22 per cent of respondents expect sales to pick up in the three months ahead.

A challenge remains on the supply side though, with respondents in Scotland reporting that new instructions to sell fell flat in the most recent survey, down from 14 per cent in July.

On the lettings front, demand continued to rise through August, however at a slower rate than seen previously. A net balance of 17 per cent of surveyors in Scotland reported a rise in demand for rental properties, down from 33 per cent the two consecutive months previous.

Supply in the lettings market is reported to have risen with a net balance of 17 per cent of Scottish respondents noting a rise, the highest this balance has been since early 2022. As such, the rate in which surveyors were anticipating rents to rise is also more subdued, with a net balance of 33 per cent of Scottish respondents anticipating rents to rise over the next three months, down from 50 per cent the two consecutive months previous.