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.”

MUMBAI: Reliance Industries (RIL) will bankroll the first new oil refinery project in the US in 50 years, marking one of its biggest overseas bets and a return to the American energy market after four years.America First Refining (AFR), the startup developing the refinery at the Brownsville port in Texas, said it received a “nine-figure investment from a global supermajor at a 10-figure valuation” in Feb but did not name the investor. “For the first time in half a century, the US will build a new refinery designed specifically for American shale oil,” said AFR chairman & founder John Calce.US President Donald Trump, announcing the refinery project on his social media platform Truth Social, named RIL as the investor and called the investment by India’s largest privately held energy company “tremendous”.This announcement comes after RIL exited the upstream oil and shale gas business in the US in 2021.Construction of the 168,000-barrels-per-day shale oil refinery is expected to begin in the second quarter of this year.

‘Opportunity for Indian co to enter US refining ecosystem’AFR also said the “same global supermajor” had signed a 20-year agreement to purchase the refinery’s output.The project is also expected to help narrow India’s trade surplus with the US, an issue that has long been a point of concern for Trump. “This is a historic $300 billion deal, the biggest in US history,” read Trump’s post on Truth Social.According to AFR, the figure reflects the long-term offtake arrangement under which the global supermajor will purchase 1.2 billion barrels of shale oil valued at $125 billion and 50 billion gallons of refined petroleum products such as gasoline, diesel and jet fuel worth about $175 billion. Combined, the transactions are expected to improve the US trade balance by $300 billion, it said.Analysts noted that the actual equity investment in the refinery itself has been described as a “nine-figure” sum, implying several hundred million dollars, while the project valuation is in the “ten-figure” range, indicating that the capital commitment is likely to remain below $1 billion.The Texas refinery will mark RIL’s second greenfield investment outside India. In 2021, the company announced a partnership with Abu Dhabi National Oil Company (ADNOC) to build a $2 billion petrochemicals plant in the UAE.Industry experts say the project could deepen economic cooperation between India and the US. M S Banani, joint managing director of Axiom Gas Engineering, a fuel station developer, said Texas is one of the world’s most important energy hubs, hosting major companies such as ExxonMobil, Chevron, Shell and BP.“Establishing a refinery there provides direct access to crude supply and one of the largest fuel markets globally,” Banani said. “RIL has extensive experience in processing heavy and sour crude at its Jamnagar refinery complex, which gives it a strong technical advantage in refining diverse crude grades, including those available from regions such as Venezuela.”From a business perspective, the investment represents an opportunity for an Indian company to enter the American refining ecosystem and potentially expand into fuel distribution and retail in the future, Banani added.“It reflects both the growing global presence of Indian industry and the strengthening strategic partnership between India and the US.”The development coincides with volatility in global oil prices driven by the intensifying conflict in West Asia. However, the announcement had little impact on RIL’s shares. At close of trading, the stock was down 1.3% at Rs 1,391 on the BSE. RIL did not comment on the announcement.