The Scottish housing market went into early hibernation as fewer properties came on the market and the number of sales dipped in October says the latest RICS UK Housing Market Survey.

Sellers shied away from putting their homes on the market and the number of buyers enquiring about property remained unchanged.

Chartered surveyors suggested uncertainty in Europe spilling over to UK economy and restricted mortgage availability are still impacting on the market and making sellers nervous.

Just over half (53%) of surveyors said house prices had fallen in October while 47% said they had stayed the same. None said they had risen. This is the first time since March 2009 that no surveyors reported a monthly rise in house prices.


October is a very different picture to September which saw a flurry of activity from sellers putting their homes on the market and a small increase in buyers.

As winter sets in, chartered surveyors expect the Scottish housing market to remain subdued with fewer sellers, less potential buyers and therefore a drop in sales.

Graeme Hartley, RICS Scotland Director, said: "The Scottish housing market went into early hibernation in October with prices falling and sales dipping.

"With the chaotic events in the euro area threatening to spillover to the UK and banks still imposing tough conditions on loans to first time buyers, any recovery in sales is still likely to be relatively modest.This will inevitably leave many people who would like to own a home unable to access the market."

(GK)