An Indian summer for Scotland
In the latest Your Move/Acadata Scottish House Price Index, it is reported that two thirds of local authorities saw price growth in August 2016 with a new peak, for the second month in a row, in Glasgow where the average price in the city is now £9,000 more than the same time last year.
The index has also highlighted how Land and Building transaction Tax (LBTT), which replaced UK Stamp Duty land Tax in Scotland in April 2015, has also had an impact with higher value property sales falling by as much as a half.
In Edinburgh, for example, there were 1,065 sales of properties over £325,000 in the first half of 2016, but this was down 17% on last year. Despite these falls in transactions for higher value property, transactions overall for the first half of 2016 are actually still marginally up, by 1%, on the same period last year.
Christine Campbell, Your Move Managing Director in Scotland, said:
“With Glasgow setting a new peak for the second consecutive month, it suggests the Scottish market is proving remarkably resilient. And, while tax changes have seen a slowdown in transactions of high priced property in Scotland, the market overall is demonstrating broad-based growth. So far this growth seems to be holding steady in an uncertain future post-Brexit.”
To see further details about the Index, why not take a look at our Media Centre here.