In a recent survey carried out by the Royal Institution of Chartered Surveyors (Rics) it was predicted that property prices will continue to rise over the next few months.
Supply is still falling behind demand with a decline in the number of houses coming on to the market. Rics Scotland director Sarah Speir said “With supply restrictions continuing to impact the market in Scotland , it is imperative that the Scottish Government and industry look at viable solutions to the lack of housing and increase new-start targets in order to meet needs.”
Meanwhile a report by Bank of Scotland has suggested that Scotland’s largest cities need thousands of new family homes, partly because the number of “downsizers” is dwindling.
The Bank found that only 8% of over 50s had any plans to move to a smaller home which in turn means it is harder for “second-steppers” to move up the property ladder.
Alasdair Gardner the managing director of Bank of Scotland commercial banking said “This study identifies the major pressures facing Scotland’s housing market with demand for new rental and privately owned homes going to increase in the coming years.” He added “All parts of the housing industry-government, local authorities, investors and house builders must work together to ensure we build the homes Scotland needs.”
I specialise in property law and if I can help you with any property transaction please get in touch and I will be delighted to help you. My contact details are 0141 552 3422 or ajg@mitchells-roberton.co.uk
