by Alison Chiesa© The Herald
Originally published: 16.07.2008

The housing market in Scotland is continuing to battle against the credit crunch, according to figures released yesterday.

A report published by the Royal Institution of Chartered Surveyors in Scotland (RICS Scotland) shows that 59per cent of chartered surveyors reported house prices remained the same in June across Scotland - with 4per cent reporting a rise.

And, while 37per cent of chartered surveyors reported falling prices in Scotland, the figure in London was more than double, with 78per cent saying house prices had dipped.

Responding to the report, Graeme Hartley, RICS Scotland director, said: "These figures show it's not all doom and gloom in the Scottish housing market " He added: "The market has certainly slowed in the past few months, but Scotland is battling against the credit crunch. There is some nervousness from the public, however, canny Scots are making the most of it and looking for an investment opportunity."

This is reflected in the significant rise over the past month of potential buyers enquiring about property across Scotland, added the RICS. However, the number of new instructions to sell property fell sharply in June reflecting some nervousness in the market.

Mr Hartley continued: "Chartered surveyors in Scotland have reported that buy-to-let investors and cash buyers are looking to snap up a bargain.

"Some buyers are incentivised by the feeling that rental opportunities will be good from would-be first time buyers who can't find a mortgage. Others are just looking for a bargain."