A new survey has found that the housing market in Scotland remains "resilient", beside losing some momentum.

The findings, by the Royal Institution of Chartered Surveyors (RICS), said that activity in the last month had been affected by the increased length of time taken to process transactions. However, the market still showed a "greater resilience" than other areas of the UK.

There was also a further increase in property prices, while demand from new buyers also remained strong. 52% of surveyors said they noticed a growth in new buyer demand.

Looking at why momentum stalled slightly, surveyors said this was due to the average time taken to complete a transaction – between two and four weeks – while the implementation of the Mortgage Market Review (MMR) and the "increasingly acute" shortage of conveyancers also contributed.

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The MMR has meant mortgage applicants face even more questions about their lifestyle to ensure they can afford the mortgage they are applying for.

Sarah Speirs, RICS Scotland Director, commented: "The Scottish housing market continues to show a greater degree of resilience compared to elsewhere in the country, with more stable price trends and firmer demand, reflecting that affordability is rather less stretched.

"Some of the momentum has come out of the housing market in Scotland of late, reflecting in part concerns over a likely rise in the cost of borrowing at some point in the not too distant future.

"However, we are also being told that the implementation of the recommendations of the MMR is taking its toll on activity and slowing the transaction process by on average up to a month."

She concluded: "Looking ahead, there are increasing signs that the Scottish market is gradually moving onto a more sustainable footing and we now need investment in regeneration and creation of new stock in order to keep prices at a sustainable level."

(JP/MH)