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Pace of house price rises on the increase

 © The Herald
Originally published: 16.08.2006

SCOTTISH house prices rose in July at their fastest pace for seven months, coming behind only London and the South-east of England.

The latest evidence of growth in the housing market comes in a report issued by the Royal Institute of Chartered Surveyors. According to the RICS, 54% of surveyors reported a rise in prices in July, while 35% reported prices staying the same and 11% falling in price. This compares with an overall rise of 27% in June.

RICS said it believed the rise in interest rates this month to 4.75% would have little impact. New instructions for sales rose at a strong pace for the third consecutive month. RICS said that surveyors are the most confident in a year regarding sales activity.

Although buyer inquiries in Scotland rose at the slowest pace in four months, that was still above the benchmark of growth seen in the three months to the end of last year, according to the RICS figures. Agreed sales rose modestly last month although sales have generally increased moderately over the last six months.

According to the Bank of Scotland house price index, house prices across Britain grew by 9.4% over the past 12 months. In Scotland, price rises averaged 14.5%.