According to the latest survey results, a net balance of 20% of respondents in Scotland reported that house prices increased over the past three months. This is lower than the 32% seen in March, and 44% in February.

And it is a similar situation with price expectations, with surveyors appearing cautious. The balance of Scottish surveyors expecting prices to rise over the next three months is 5% in the latest report, compared to 7% last month and 15% in February.

Looking at supply, a net balance of 19% of respondents in Scotland reported a rise in new instructions to sell, which is the highest this balance has been since October 2024. And in line with this, a net balance of 25% of respondents anticipate that the number of sales will increase over the next three months, compared to 20% in last month’s report.

On the demand front, a net balance of 9% of surveyors in Scotland noted a rise in new buyer enquiries through April, up from the -6% seen in the March survey. 

In the rental market, a net balance of -33% of surveyors noted a fall in tenant demand in Scotland, and landlord instructions were reported to have fallen too (a net balance of -20%). As a result of reducing tenant demand, surveyors in Scotland anticipate that rents will fall broadly flat over the next three months.

Commenting on the sales market, Alan Kennedy, MRICS of Shepherd Chartered Surveyors in Fraserburgh, said: “The market in this locality is patchy at present. Bungalows are selling quickly, realistically priced flats are selling slowly, and properties requiring upgrading are sluggish. The rural market though is particularly active at present.”

Ian J Fergusson BSc, FRICS of Shepherd Chartered Surveyors, added: “Strong seller demand - buyers are committed, mortgage lenders lowering rates helps confidence.”

Discussing the rental market, Grant Robertson, FRICS of Allied Surveyors Scotland in Glasgow, commented: “After a sluggish period which saw rents fall from their peak, we expect to see some rental growth as we come into the traditionally busy period of student demand. Exiting landlords have further reduced the stock levels and tenants are going to have to dig deeper to secure a flat in the right area.”

Commenting on the UK picture, RICS chief economist Simon Rubinsohn, said: “Although geopolitical developments haven’t helped the mood music in the residential market over the past month, the main reason for the dip in the key RICS sales activity metrics lies in the expiry of the stamp duty holiday at the end of March. Near term expectations indicators suggest the subdued trend will persist for the next few months at least but looking beyond this, the results are more encouraging reflecting in part the prospect of deeper interest rate cuts than previously anticipated.

“More problematic, however, is the negative feedback in the survey around supply in the rental market.  With demand continuing to grow, there appears little relief in store for tenants in terms of the upward pressure on rents. Critically, even with the rise in the build to rent to sector the shortall of affordable rental stock looks set to remain substantial”.