Scotland business

Scots home market remains 'flat'

The housing market is expected to end the year on a "flat note", according to a survey by the Royal Institution of Chartered Surveyors (RICS).

The latest survey by RICS showed that many surveyors expected prices to fall further in the next three months.

The number of new homes coming on the market fell away in September, although demand from new buyers remained "stable".

RICS said many sellers still had "unrealistic expectations".

Sarah Speirs, director of RICS Scotland, said: "Prices are still dipping but at a much lower rate than seen in previous months.

"Despite this, problems still exist and more needs to be done to get the market moving. Unrealistic expectations on the part of vendors seem to be stalling the transaction process."

She added: "Meanwhile, although the funding for lending scheme appears to be improving mortgage availability, those at the very bottom of the housing ladder are still struggling."

According to Alexander Inglis of CKD Galbraith in Kelso the market "remains patchy although we had an encouraging number of sales last month".

The north east housing market has proved more buoyant than other areas of Scotland.

Darroch Robertson of Graham & Sibbald in Aberdeen said: "It is still the case that properties presented in good condition typically sell in a shorter period of time and generally achieve above market value figures."

However Malcolm Taylor of Bell Ingram in Forfar described a "general gloom" in the market and predicted "going into the winter we expect sales to fall."

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