**
A recent survey conducted by the Royal Institution of Chartered Surveyors (RICS) reveals a notable decline in homebuyer interest across Scotland during February 2026, marking the lowest level of new enquiries since mid-2024. Despite this downturn, surveyors remain optimistic, forecasting a potential increase in both sales and property prices in the coming months.
Declining Buyer Interest
The survey’s findings indicate a net balance of -8% of respondents reporting a reduction in new buyer enquiries, a significant drop from the previous month’s net balance of +18%. This trend has raised concerns among industry experts, as it reflects shifting dynamics in the housing market.
At the same time, the survey highlights that 39% of respondents anticipate an upswing in sales over the next three months. The contradiction between falling enquiries and rising sales predictions suggests a complex market environment, where potential buyers may be navigating economic uncertainties while still considering property purchases.
Supply and Sales Trends
In terms of supply, surveyors reported a net balance of +8% indicating an increase in instructions to sell, although this figure is down from 27% in January. This slight decline in new listings may hint at market apprehension among sellers, despite expectations of increased sales activity.
Interestingly, a net balance of +7% of surveyors noted a rise in newly agreed sales, marking the second consecutive month of positive responses in this area. This indicates that while buyer interest may be waning, those who are active are moving forward with transactions.
Future Price Expectations
House prices have also been a focal point of the survey. Approximately 28% of respondents indicated that property prices had risen over the past three months, although the pace of growth has diminished compared to January’s figures. Nevertheless, a substantial net balance of 24% of surveyors expressed confidence that house prices will continue to increase over the next quarter.
Marion Currie, a RICS-registered valuer at Galbraith in Dumfries and Galloway, commented on the evolving landscape, stating, “Activity has increased as February has unfolded. Agreed sales are starting to gain momentum, and a good supply of fresh stock is in the pipeline. An encouraging outlook as we head towards a new financial year.”
Broader Economic Context
On a national level, Tarrant Parsons, head of market research and analytics at RICS, noted that February’s survey reflects renewed volatility within the UK housing market. While initial indicators suggested a cautious recovery at the year’s start, ongoing geopolitical tensions and rising oil and energy prices have dampened confidence. The potential for sustained higher mortgage rates also looms over the market, influencing buyer behaviour and expectations.
Parsons remarked, “Although the 12-month outlook remains positive overall, maintaining that trajectory will depend on the recent spike in inflationary pressures easing in the months ahead.”
Why it Matters
Understanding these trends is crucial for potential homebuyers and investors alike. The juxtaposition of declining buyer demand against rising sales expectations may signal a unique opportunity for those willing to navigate the current market climate. With economic conditions in flux, the housing market’s future hinges on external factors such as inflation and energy prices, making it essential for stakeholders to stay informed and agile in their decision-making processes.
