According to the latest survey results, a net balance of 34% of respondents in Scotland report that house prices increased through Q1 2025. Whilst this is down from 45% seen in the February report, it is significantly more than the UK average of +2%.

Looking at demand and expectations however suggests that domestic and global economic concerns could be starting to weigh on sentiment in Scotland, as is the case in other regions of the UK.

A net balance of -9% of surveyors in Scotland noted a fall in new buyer enquiries through March, falling from the 14% seen in the survey previous.

When it comes to house sales, a net balance of 4% of surveyors in Scotland report that sales rose through March, down from +22% in the last survey. And looking forward, Scottish surveyors are slightly less optimistic than they were. A net balance of 20% anticipate sales will increase over the next three months compared to +28% in last month’s report.

And it is a similar situation with price expectations. Whilst these remain positive, the balance of Scottish surveyors expecting prices to rise over the next three months has moved to +6% this month compared to +15% last month.

In the rental market, a net balance of -25% of surveyors noted a fall in tenant demand in Scotland, whilst landlord instructions were reported to have fallen flat. In saying this, a net balance of 25% of surveyors expect rents to increase through Q2.

Commenting on the sales market, Thomas Baird MRICS of Select Surveyors, in Glasgow, said: “There is a clamour for properties at sub £50k sale price due to increase second home tax. But it is slower at higher end of market due to interest rate levels.”

Discussing the rental market, Carolyn Davies MRICS, of Savills in Dumfries, added: “There is continued demand for suitable accommodation, and a lot of private lettings taking place directly between landlords and tenants, with property not coming to the market place”.

Commenting on the UK picture, RICS chief economist, Simon Rubinsohn, commented: “The expiry of the stamp duty break was always going to lead to a pause in activity in the sales market. However, the latest results, and indeed the anecdotal remarks from respondents to the survey, suggest that the shift in sentiment has been aggravated by the slew of negative macro news flow over the past few weeks.

“Looking forward, the impact on the market will in no small part depend on how the economy is affected by the emerging trade war and the response of the Bank of England to the shifting environment. For now, it is noteworthy that the longer-term RICS expectations metrics are still relatively resilient, but they have the potential to be blown off course if the tariff headwinds intensify.”