- A rush of purchases by landlords to beat the new LBTT surcharge
- Average property prices jumping 0.8% in March
- Average Scottish property value now - £169,379
Your Move's Christine Campbell comments:
“Home sales in Scotland have flourished in March, coming into full bloom with a 21% upswing from February. This short-term boost in sales has been fertilised by the flurry of buy-to-let and second home buyers, eager to purchase before the introduction of the 3% surcharge on Land and Buildings Transaction Tax (LBTT) in April. The growth has ensured that this has been the strongest March for property sales in eight years.
However, Scotland’s sales did not rocket at the same rate as those south of the border, which soared by 60% month-on-month in March. The more modest increase in Scotland may have been due to John Swinney announcing the changes a month later than George Osborne, so many second home buyers may not have had time to plan their investments. But Scottish sales for the first quarter of this year are still well above the same period in 2015, up 18% year-on-year.
Midlothian is the mainland area which has seen the highest growth in sales over the first three months of the year, jumping 48% on Q1 2015. The construction of new homes in Midlothian has enabled the area to become the only place in Scotland where house prices stand at a record high in March."
However, Scotland’s sales did not rocket at the same rate as those south of the border, which soared by 60% month-on-month in March. The more modest increase in Scotland may have been due to John Swinney announcing the changes a month later than George Osborne, so many second home buyers may not have had time to plan their investments. But Scottish sales for the first quarter of this year are still well above the same period in 2015, up 18% year-on-year.
Midlothian is the mainland area which has seen the highest growth in sales over the first three months of the year, jumping 48% on Q1 2015. The construction of new homes in Midlothian has enabled the area to become the only place in Scotland where house prices stand at a record high in March."
Read the full report - YourMove House Price Index March 2016
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