House prices continue to increase in Scotland

HOUSE prices in Scotland continued to increase in April despite a dip across the UK as a whole.

The Royal Institution of Chartered Surveyors (Rics) said enquiries from new buyers and sales activity had stabilised over the month.

Rics’ UK residential market survey found a net balance of 39% more chartered surveyors reported a rise in prices for homes in Scotland.

Meanwhile the national price balance slipped to -8% driven by a fall in prices in London.

In Scotland a net balance of 20% of those surveyed expected property prices to continue to increase over the next few months.

In the lettings market, tenant demand in the three months to April was steady, with a net balance of 6% of respondents reporting an increase in activity.

Landlord instructions coming onto the rental market dipped slightly, with this indicator remaining flat or negative since 2016.

Simon Rubinsohn, Rics chief economist, said: “The housing market typically tends to see a pick-up in activity at around this time of the year and the feedback from respondents to the latest survey does seem to be capturing this tone.

“However, once this seasonal pattern has been allowed for the underlying trend in transactions remains broadly flat.

“Across the UK the impact of recent tax changes appears increasingly visible in the letting results with new instructions from landlords in the three months to end April falling again and at a faster pace than previously.”