Surge in Scottish home purchases

March 16, 2016

Highest January home sales in eight years according to the  Your Move & Acadata Scotland House Price Index report.

Scotland sees highest January sales since 2008, up 24% year-on-year with rush to avoid Land and Buildings Transaction Tax (LBTT) surcharge.

Biggest uplift in Midlothian, rising 38% on January 2015, as flats and terraced houses are snapped up,  average Scottish house prices advance 0.8% in January to £171k, up from 0.3% the previous month

Strongest surge in Stirling, where property values in the area have jumped 13.5% over the past year

Christine Campbell, Your Move managing director in Scotland, comments: “The Scottish housing market made a bracing start to the year with the highest January sales since 2008. Property transactions in Scotland are up 24% year-on-year, easily outpacing sales south of the border, as England and Wales only saw a 1% rise over the same time period.

“The surge in Scottish home purchases has been propelled by second-home and buy-to-let buyers eager to avoid paying the 3% Land and Buildings Transaction Tax (LBTT) surcharge. As this tax hike was only announced in December’s Scottish Budget, January’s surge in sales may only be the tip of the iceberg”.

Read the Your Move & Acadata Scotland House Price Index report in full click here

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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