Scotland business

Rics reports slowdown in house price growth

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Scottish house prices edged up only slightly last month as activity in the market faltered, according to a survey.

The Royal Institution of Chartered Surveyors (Rics) found a net balance of +8% of surveyors reported house prices rising rather than falling.

Rics said slowing price growth was evident across most of the UK.

Its UK Residential Market Survey also suggested there were fewer transactions and new instructions in Scotland in July.

Interest from new buyers in Scotland also continued to wane, with a third consecutive month of falling demand.

The survey indicated house sales declined sharply as a result of the dip in demand and an ongoing shortage of stock.

Rics chief economist Simon Rubinsohn said: "The housing market is currently balancing a raft of somewhat mixed economic news alongside the latest policy measures announced by the Bank of England, which have already begun to lower cost of mortgage finance.

"Against this backdrop, it is not altogether surprising that near-term activity measures remain relatively flat."

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