Scotland business

'Pre-election rise' in Scottish house prices

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Surveyors in Scotland have reported a rise in property prices in the run-up to the general election on 7 May.

The Royal Institution of Chartered Surveyors (Rics) found 31% more members reporting house price increases in April.

However, the survey also indicated that buyer activity has dampened since the start of the year.

Rics said the trends, in part, may have been a result of uncertainty ahead of the election.

In the latest Rics residential market survey, Scotland was the only country in the UK where surveyors reported a rise in the number of properties coming onto the market.

Across the rest of the UK, new instructions saw their eighth consecutive drop in the last nine months.

Rics Scotland director Sarah Speirs said: "There have been indications of more moderate price gains in Scotland in recent months, but activity indicators remain positive.

"Unlike across the rest of the UK, Scotland continues to see moderate growth in supply, which is being met by a steadily increasing rise in demand.

"Anecdotally, the uncertainty created by the general election has impacted market activity and it remains early days to assess what impact the new Land Building and Transaction Tax (LBTT) is having on property prices in different parts of the country - and at different price bands."

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