COVID-19 - We are open for business and here to help ->
Call Stirling 01786 235 235
Call Tillicoultry 01259 753 330
2 minutes reading time (306 words)

Scottish Property Boost Before April

Scotland’s prime property market is experiencing a boom before the alternative to Stamp Duty comes into effect in April.

An increase in demand of prime property in Scotland resulted in a 1% increase in property value following a strong end to 2014.

New Tax Legislation

The main reason for the increase is due to the new Land and Buildings Transaction Tax. Under current rules a house costing £900,000 will incur a stamp duty payment of £35,000, however under the new LBTT system for the same property will incur a higher tax at £67,300.

Under the rates proposed in the LBTT system, any sales above £254,000 will incur a higher rate of tax compared with the current stamp duty structure. The property index also indicates that as well as many wanting to make a saving before the tax change, the political stability in the country following the referendum outcome has also played a pivotal role.

Political & Financially Motivated

The report states: “After months of doubt about the outcome of the referendum, buyers now feel more secure about making a decision to move house or purchase a property.

“The proposed LBTT rates published in October clarified how purchase taxes would change in April.

“The higher upfront cost of moving when LBTT comes into force, especially in the prime market, has prompted some home buyers and vendors to make quick decisions.”

Ran Morgan, head of Scotland residential at Knight Frank said: "We expect this trend will continue into the New Year, driven by a desire among vendors and homebuyers to move before the introduction of the new LBTT levy in four months’ time."

Contact Us

If you require legal advice or representation regarding the new land tax or require legal help regarding a property issue or dispute, contact our team of dedicated solicitors using our online contact form.

Scottish Economy And Employment Set For Boost
Merry Christmas & Happy New Year

Related Posts

Please note that watersrule solicitors ARE NOT registered to provide Legal Aid or other types of Legal Financial Assistance.

Get in touch

We always aim to reply within 24 hours

Please let us know your name.
Please let us know your email address.
Please let us know your phone number.
Please let us know your email subject.
Please let us know your message.

“They were very thorough in their preparation, very realistic in their goals, worked to resolve issues and kept me very well informed.”

Michael, Tillicoultry