Scotland's home sales shoot up 21% since February
- Strongest March for homes sales in eight years, as BTL landlords rush to beat the new LBTT surcharge
- Midlothian sees record high house prices and the fastest increase in sales, rising 48% in Q1 year-on-year
- Scottish property values jump 0.8% month-on-month in March – the quickest rise since August 2015
Christine Campbell, Your Move managing director in Scotland, 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.
Source: Scotland House Price Index, March 2016