Scotland business

Lack of properties hit Scottish housing market

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A lack of available stock is continuing to hamper the Scottish housing market despite a rise in sales prices, according to a survey.

The Royal Institution of Chartered Surveyors (Rics) said the market in Scotland during April mirrored the trend seen across the UK.

There was a drop in new instructions last month and 4% of survey respondents saw a fall in new buyer inquiries.

Meanwhile, tenant demand rose "moderately" in the lettings market.

Rics said there was anecdotal evidence in Scotland that the lack of choice and uncertainty around the early general election and Brexit were all factors continuing to affect the market.

However, there are predictions that all parts of the UK will see a growth in house prices over the next 12 months.

Gail Hunter, Rics regional director for Scotland, said: "Feedback from surveyors suggests ongoing uncertainty surrounding the forthcoming general election and the terms of Brexit.

"Rics has been clear that both the UK and Scottish governments must bring forward clear, evidence-based positions on how Scotland's relationship with the rest of the UK and the European Union will develop. This would go some way to offsetting the uncertainty being reported."

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