Scottish surveyors reported falling homebuyer demand in February, the latest Royal Institution of Chartered Surveyors (Rics) Residential Market Survey has found.
But the group also suggested that surveyors expected sales and prices to continue rising.
A net balance of minus 8% of respondents in Scotland said that new buyer enquiries fell in February, down from the net balance of 18% that was seen in the previous month.
The February figure is the lowest recorded since mid-2024, Rics said.
Asked about supply, a net balance of 8% of respondents reported that instructions to sell rose last month – down from the 27% figure in January.
Meanwhile, a net balance of 7% of surveyors reported a rise in newly agreed sales last month, the survey found, representing the second consecutive month the balance has been positive.
A net balance of 39% of respondents also expected sales to rise over the next three months.
A net 28% of respondents in the survey said house prices had risen over the past three months, although the rate of the increase had slowed compared to January.
Many surveyors expected house prices to continue to rise, with a net balance of 24% of Scottish respondents anticipating they would increase over the next three months.
Marion Currie, a Rics-registered valuer at Galbraith in Dumfries and Galloway, said: “Activity has increased as February has unfolded.
“Agreed sales are starting to gain momentum and a good supply of fresh stock is in the pipeline.
“An encouraging outlook as we head towards a new financial year.”
Commenting on the UK-wide picture, Tarrant Parsons, head of market research and analytics at Rics, said: “February’s survey highlights renewed volatility in the market.
“While activity indicators at the start of the year suggested a tentative improvement, the deterioration in the geopolitical backdrop has clearly weighed on confidence.
“The recent rise in oil and energy prices has also increased the likelihood that mortgage rates will remain higher for longer. As a result, near-term expectations have softened.
“Although the 12-month outlook remains positive overall, maintaining that trajectory will depend on the recent spike in inflationary pressures easing in the months ahead.”
