Surveyors have called on the Scottish Government to show a similar appetite for housebuilding as Chancellor George Osborne after a survey revealed the lack of stock is continuing to increase the cost of homes in Scotland.

The latest RICS UK Residential Market Survey found that 45 per cent more chartered surveyors saw prices rise across Scotland during November, an increase on the previous month.

Anecdotal evidence from respondents suggests that the long-term lack of stock is holding back transaction levels. Last year’s introduction of LBTT was also mentioned as holding back the prime market in Scotland.

Sarah Speirs, RICS in Scotland director said: “I can’t recall a set of comments in the residential survey which have so frequently drawn attention to lack of stock on the market. Given this, it is hard not to envisage prices continuing to climb upwards as we move through the early stages of 2016. It remains to be seen if the government will set initiatives to drive up the rate of new build and the impact that it will have on the market. We await the Scottish budget announcement on 16 December to see if the government will emulate the Chancellor’s emphasis on housing.

“A material rise in the cost of borrowing has the potential to take some of the momentum out of the market, but there is, at this stage, little indication that the Bank of England is minded to take a steer from the US Federal Reserve. Moreover, all the signals from the Bank still point to a very gradual upward trajectory for base rates when it eventually decides to move policy in this direction.”

@RICSScotland