A net balance of 45 per cent of respondents in Scotland reported a rise in house prices in the January report – higher than in most other UK regions.

And a net balance of 14 per cent anticipate that prices will rise over the next three months. Though expectations have eased - this is the lowest the price expectations balance has been since January 2024 and down from the 43 per cent that was seen the two consecutive surveys previous.

Looking at sales, respondents in Scotland report that through January newly agreed sales fell broadly flat for the second consecutive month. However, Scottish respondents are optimistic on the sales outlook, with a net balance of 29 per cent of surveyors anticipating that sales will rise over the next three months.

In terms of demand, new buyer enquiries were reported to have fallen flat through the month of January, down from a net balance of seven per cent reported in the previous survey. But anecdotally, respondents suggest this should pick up.

Regarding the rental market, tenant demand is reported to have fallen flat for the fourth consecutive quarter in Scotland, whilst a net balance of 20 per cent of surveyors report a rise in landlord instructions. Looking at rent expectations, a net balance of 17 per cent anticipate that rents will rise over the next three months, down from 20 per cent reported in December 2024.

Marion Currie, AssocRICS, of Galbraith, in Dumfries & Galloway said: “More potential sellers are coming forward than in the same period last year which is encouraging for stock levels over the next few months. However, buyers remain less willing to pay sizeable premiums, so the way forward into Spring is definitely sensible pricing.”

RICS head of market analytics, Tarrant Parsons, added: “The latest survey feedback indicates that growth in buyer demand lost a bit of momentum through the early part of the year, with this flatter picture likely linked to the turbulence seen across money markets in the first half of January.

“Nevertheless, moving forward, respondents continue to envisage a slightly positive near-term outlook for sales activity. This should be further supported by the unwinding of some of the pressures around mortgage interest rates over the past couple of weeks.”