House prices in Scotland increase as demand outstrips supply

The latest survey for Scotland claims that the imbalance between supply and demand caused prices to increase during October.

05:56 13 November 2013

Based on the survey that was carried out by Royal Institute of Chartered Surveyors (Rics), house prices in Scotland are now on the rise as demand outstrips supply. Rics records a balance of 52% more chartered surveyors reporting price increases. This is the highest proportion since 2007. 

 

However, it seems that not everybody is convinced with the accuracy of the report. The Office of National Statistics have released a separate report showing that house prices fell by 1.1per cent in Scotland over the year to September. Meanwhile, house prices in England and Wales continue to rise. 

 

Sarah Speirs, director of Rics Scotland, said: "The housing market is gathering momentum and buyer numbers are on the rise across Scotland.

 

"That said, the number of homes currently up for sale is still nowhere near enough to keep up with demand and, in order for the market to function correctly, this imbalance urgently needs to be addressed.

 

"If we are to create a more sustainable market, it is critical that many more good-quality homes are built in areas where people want to live."