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Scottish market proving resilient

Friday, 8 February 2008 12:00 AM

Property prices in Scotland have continued to "thrive" while the rest of the country has seen the market slide into malaise, according to the Royal Institution of Chartered Surveyors (Rics).

While recent Rics surveys on housing, construction and commercial property markets have shown London suffering a marked deterioration in confidence, Scotland is generally considered to be an ongoing success story.

While some 54 per cent of chartered surveyors in London saw property prices fall over the last three months, this figure falls to just 19 per cent - illustrating the discrepancy between Scotland and property south of the border.

Similarly the latest Rics construction survey showed workloads in Scotland were continuing to grow strongly.

In London the amount of work has decelerated for four successive quarters.

"Scotland has been bucking the UK trend of falling house prices in much of 2007 and now it is outperforming London in construction and commercial property too," said director of Rics Scotland, Graeme Hartley.

"While the London economy has been in pretty good shape until recently, it was still lagging the performance of Scotland in 2007."

Rics also finds chartered surveyors in Scotland have reported much higher demand for commercial property than in London - resulting in higher rental growth north of the border.

"There is great uncertainty surrounding the global economy but the figures from the Rics surveys offer Scotland some positive news.

"Investors have confidence in Scotland, employment has climbed by 2.2 per cent over the previous twelve months and these latest figures suggest the Scottish property sector is surviving the credit crunch," concluded Mr Hartley.

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