Property Market receives Spring increase in Sales

JUN 09, 2011

The number of property deals jumped last month as buyers returned to take advantage of the spring housing market, according to a new survey.

The research by the Royal Institution of Chartered Surveyors Scotland found that in April 25% more surveyors north of the Border reported that new sales agreements rose rather than fell, more than double the 12% who did so in March.

It is a clear indication that the Scottish property market outlook is better than Britain's as a whole as UK average house prices fell at their fastest annual rate for 18 months during April, according to the Halifax.

The average cost of a home dived by 1.4% during the month to stand at £160,395, the lowest level since July 2009.

RICS's claims of increasing confidence north of the Border appeared to be borne out by the most recent Scottish figures from s1homes, the country's largest property website, showing that advertised house prices rose in the first quarter of 2011 by 2.4%.

In Scotland, the average asking price hit £168,632 in the first three months of the year, up almost £4000 from the end of 2010, and although that study does not reveal the eventual selling price of these homes, it shows sellers' confidence is rising with asking prices.

RICS said that 36% more chartered surveyors in Scotland reported a rise rather than a fall in new instructions in April and interest from buyers rose, with 38% more surveyors reporting an increase rather than decrease in new buyer inquiries.

April is traditionally a strong month for the property market but anecdotal evidence from estate agents backed up the research, with a rise in sales this spring

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