Here at Clear Property Investment we’re pleased to learn that Scotland - together with London - outperformed all other areas in the UK in terms of property price rises last month.
The news is courtesy of a report, published last week, by the Royal Institution of Chartered Surveyors (RICS) which stated that house prices in Scotland had picked up ‘markedly’ in June.
Meanwhile, although the number of surveyors reporting price rises in the UK as a whole dropped in June since the previous month, the prospect for property sales remains optimistic.
The statistics, the RICS say, reflect the current economic downturn, boosted by recent political activity such as doing away with the requirement in England and Wales for Home Improvement Packs (HIPS).
“A shortage of stock has been one factor holding back transaction activity in the housing market but the abolition of HIPS is helping to belatedly address this issue,” said RICS spokesman Jeremy Leaf.
“This is likely to be reflected in higher sales numbers over the coming months.
“However, with supply of property now beginning to outstrip demand there is a risk of some modest slippage in prices during the second half of the year.”
The report showed a total of 10 per cent more surveyors reported a rise in property prices in June. The figure for May was 22 per cent.
Region-wise the East Midlands and East Anglia reported ‘flat’ balances, while Wales, Yorkshire, the West Midlands and Humberside showed negative balances.
Meanwhile, many UK-wide property experts are predicting prices will have to fall at the lower-end of the market in order to entice first-time buyers, thus making it more attractive to pick up buy-to-let property with an eye on the long-term future.
To compare property prices and look at purchasing buy-to-let property contact our Clear offices.
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