Scottish house prices 'holding up'

House prices in Scotland are holding up as a result of growing demand and a lack of supply of homes, according to Scottish surveyors.

The findings by the Royal Institution of Chartered Surveyors (Rics) are in contrast to other parts of the UK, especially London, where both sales and new buyer demand fell sharply.

Rics said demand for new homes in Scotland grew in July. It noted that more surveyors reported a growth in new buyer inquiries.

The number of homes coming onto the market also increased in July, with 8% of respondents reporting an increase in new instructions,

Rics said the continuing supply and demand imbalance was creating more optimism in the Scottish market, compared with the rest of the UK.

Last month, Registers of Scotland reported that the average price of a house in Scotland had risen by 5.9% in the past year. It said the average cost of a home in the three months to June was just over £162,000.