A net balance of -2% of surveyors in Scotland was reported for new buyer enquiries in August, indicating a flat picture, which follows a period of four months when this balance was positive.

Supply was also constrained in the month. A net balance of -6% of surveyors in Scotland report that new instructions to sell fell through in August, down from the month previous.

With demand and supply balances more subdued through August, it’s unsurprising that Scottish surveyors reported a fall in newly agreed sales. A net balance of -20% of surveyors reported that sales declined in the most recent survey, which is the lowest this balance has been in over a year.

With that being said, a net balance of 29% of surveyors in Scotland expect sales to increase over the next three months. This has edged upwards slightly from the 26% that was seen in July.

When it comes to pricing, a net balance of 36% of surveyors in Scotland report that prices rose over the last three months. Looking ahead, a net balance of 34% of Scottish survey respondents anticipate that prices will continue rising over the next three-month period.

Regarding the rental market, a net balance of 25% of respondents in Scotland expect tenant demand to rise and a net balance of -75% expect landlord instructions to fall. In turn, a net balance of 25% of surveyors in Scotland anticipate rents will rise over the next three months.

Commenting on the sales market, Marion Currie, AssocRICS, RICS registered valuer, of Galbraith in Dumfries & Galloway, said: “Summer has continued to be a tale of good listings at sensible prices doing well, some fall-throughs still threatening and occasionally happening, but on the whole a positive outlook as we head into early autumn.”

Discussing the rental market, Carolyn Davies, MRICS, of Savills in Dumfries, added: “Continued market evidence of landlords leaving the sector both at end of tenancy and also now terminating tenancies to sell property.

“Marketing of attractive well-maintained properties continue to generate significant interest and multiple applications for a single property.”

Commenting on the UK picture, Tarrant Parsons, head of market research and analysis at RICS, added: “With buyer demand easing and agreed sales in decline, the housing market is clearly feeling the effects of ongoing uncertainty.

“Concerns over the wider economic and fiscal outlook, combined with questions around the future path of interest rates amid stubbornly high inflation, are weighing on sentiment at this time.”