Olympic dip for Scots house sales

The bad weather and coverage of the Olympics subdued the housing market, according to surveyors

Scottish surveyors have reported a drop in the number of house sales in August, according to new figures.

The survey by the Royal Institution of Chartered Surveyors (RICS) also found that prices fell last month.

Although those questioned expected sales to pick up over the next few months, they expect prices to fall even further.

RICS however said that homes were still selling where there was a realistic asking price.

Sarah Speirs, director of RICS Scotland, said: "Reasonable pricing and location have played a large part in successful sales."

'Saturated coverage'

The Olympics and the bad weather appear to have affected sales.

Craig Henderson, of Graham & Sibbald in Glasgow, said: "It has been a fairly quiet summer, almost certainly caused by buyers deciding to holiday in the sun rather than buying houses due to the depressing weather.

"In addition the saturated coverage of the Olympics has had buyers stay at home resulting in a delay in buyers emerging from the summer slumbers."

Chris Highton, of Allied Surveyors in Selkirk, said the autumn rush had not appeared yet.

He added: "Perhaps it's too early to say, but things certainly appear subdued. The government's attempt to inject low cost money directly into the economy doesn't appear to have had any effect so far."

On the long-term outlook, Malcolm Taylor, of Bell Ingram in Forfar, said it was "not good" due to "falling prices and lack of client optimism".