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Gone baby gone

Fewer Scots Looking To Buy Homes, Says Rics

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http://news.bbc.co.uk/1/hi/scotland/10605211.stm

Fewer people are looking to buy houses in Scotland in the wake of the UK government's Budget and looming public service cuts, according to new figures.

The Royal Institution of Chartered Surveyors (RICS) said it had seen the lowest number of new buyer inquiries in Scotland for 22 months.

Surveyors also said there had been a fall in the number of instructions to sell properties.

But the figure for last month was slightly better than for May.

A spokeswoman for the organisation said the fall-out from the Budget, the lack of supply of properties and the lack of liquidity in the mortgage market were all factors in the slowdown.

'Negative territory'

It also said a rise in house prices was another consequence of the lack of supply of homes coming on to the market.

The market recorded its second largest increase this year in the number of chartered surveyors recording a growth in prices.

Last month 50% of surveyors said there had been an increase, compared to 27% in May this year.

RICS spokeswoman, Sarah Speirs, said: "There has been an increase regarding instructions to sell properties but only very marginally and it is still in negative territory with more reporting a fall than a rise.

"With fewer people choosing to put their homes on the market, the demand-supply dynamic has resulted in an increase in price expectations and we expect to see this trend continue over the next couple of months."

It's only going to get worse as the public sector job cuts start to bite.

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Surveyors also said there had been a fall in the number of instructions to sell properties.

But the figure for last month was slightly better than for May.

RICS spokeswoman, Sarah Speirs, said: "There has been an increase regarding instructions to sell properties but only very marginally and it is still in negative territory with more reporting a fall than a rise.

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Can someone explain what the above actually means ? I am a little confused. The second bit in particular makes no sense at all.

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There was a brief thread about the RICS report on the main forum, but it's fallen off the bottom now. The Scottish people are keeping pretty quiet, particularly those in Edinburgh. There was an entertaining comment from a guy in St. Andrews though:

John Bradburne FRICS, Bradburne & Co, St Andrews, Scotland, 01334 479 479

The market has been quiet except for big country houses or country houses which can be extended. Run of the mill urban houses attract little excitement in the market. Prices however seem to have waivered very little which is strangely ambiguous.

Peter McEachran FRICS

Strangely ambiguous indeed.

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There are lots of Scots looking to buy homes. Looking to buy them in a year's time when prices come down.

And how long have you been waiting Catmandu? I've been reading these types of comments for years on the forum.....

Still, we do seem to be heading for the 'perfect storm' of economic disasters, so you could be right. Fingers crossed :)

Who can save us...????

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And how long have you been waiting Catmandu? I've been reading these types of comments for years on the forum.....

Still, we do seem to be heading for the 'perfect storm' of economic disasters, so you could be right. Fingers crossed :)

Who can save us...????

I haven't been waiting at all. Would buy in the next few months if prices were where they wanted them. Will probably have to buy in the next 1-2 years even if they don't.

But yes, many have been waiting a ridiculous time for an improvement, but I have always believed in common sense and I do believe it will have to happen sooner or later. As you say, there are some signs that the next leg down may have started, but I'm not yet sure if it'll be quick (15-20% per year) or a slow drag.

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  • 150 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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