GREAT news for the property market may be a mixed blessing for the rest of us.

The Royal Institute Of Chartered Surveyors (RICS) is hailing the results of its most recent survey of house prices as a boost for the sector, and the economy. Members told RICS that they were seeing a growth in the number of sales taking place and in the prices achieved by vendors.

Another indicator - loan to value ratios - is rising, with house-buyers meeting a greater percentage of the cost of their home through mortgages, rather than capital deposits.

This is characterised as encouraging news by the RICS as it suggests first-time buyers are finding mortgages easier to come by than they have been in recent years.

So with increased demand and turnover has the Scottish housing market turned the corner?

It is encouraging for vendors who are keen to move and looking for a prompt sale. Other parts of the economy, for instance the homeware sector, benefit when there is an upsurge in activity in the property market.

It may show that confidence returning to the economy. But is it good news for everyone?

It is not surprising first time buyers are finding it easier to get a mortgage. After all, Chancellor George Osborne's flagship First Buy scheme has been underwriting loans for those buying newbuild properties. Launching in January, Help to Buy will broaden that initiative, making £12bn in mortgage guarantees available from January to those who are seen as riskier prospects.

Another factor underpinning a resurgent housing market is the commitment from Bank of England governor Mark Carney that interest rates will continue at their present record low level for three to five more years.

But stagnation in the housing market was in part a correction of the property bubble which was intrinsic to the global financial crisis. The last thing we need is a taxpayer-funded replication of that mistake.

The underlying problem in much of the UK, including Scotland, is a chronic undersupply of affordable social housing.

The Chancellor would be better to put money into tackling a shortage of affordable homes for first-time buyers rather than offer them a leg-up to buy homes they cannot really afford.

It is true that many home-owners rely on property to provide them with a way of passing wealth on to their children, or as a bolster to uncertain future returns in the pensions market.

The boom in buy-to-let mortgages is also being seen as an indicator of frustrated investors looking for somewhere to secure better returns.

But, for decades, the UK economy has been characterised by spectacular growth in the housing market, followed by equally dramatic corrections. The RICS survey and a revitalised housing market should be given a cautious welcome but what is needed more than anything else is stability.

Despite double-digit percentage price rises in some London hot spots and UK prices rising at their fastest pace in three years, Mr Osborne insists there is no risk of a new house price bubble. Let us hope not, as that would be most unwelcome.