House prices rose at slowest rate since June 2020 last month, figures show

House prices in Scotland rose at the slowest rate since June 2020 last month, according to a survey.

The Royal Institution of Chartered Surveyors (Rics) monthly residential market survey for March shows property prices continued to rise, with around 5% more surveyors saying they had noticed prices increasing compared to February.

But Rics said it was the slowest rise since June 2020, and the lowest number of surveyors who reported a rise in house prices since July 2016.

Scotland is one of only three UK regions which saw prices continue to rise in March.

More surveyors reported a fall in new buyer inquiries in the latest survey, with 6% fewer respondents in March saying they had new buyer inquiries compared to February.

Meanwhile, 22% fewer surveyors than in the previous month reported a fall in sales through March.

Ian Morton, of Bradburne & Co in St Andrews, said: “The amount of properties coming to the market has been steady and purchasers have become more cautious in their approach.

“The change in interest rates and increased cost of living are dictating the market as expected.”

Craig Henderson, of Graham & Sibbald in Ayrshire, said: “Sentiment still appears a little guarded, which is to be expected.

“We are anticipating we will see these trends continue for the next few months as economic factors show no signs of changing in the short term, with a slow and steady market.”