Tax change boosts home sales in Scotland
Property tax change had boosted Scottish home sales with a rise in transactions of 11% year on year but prices are down 7.8% compared to 12 months ago, the latest index shows.
The index report from estate agents Your Move suggests that prices are down due to a lack of higher value homes on the market with the average house price now £170,667.
Prices have increased in Edinburgh and Clackmannanshire but have fallen in the majority of areas throughout Scotland.
The index also shows that month on month prices are unchanged despite the new 3% surcharge on additional home sales.
‘After a year of the Land and Buildings Transaction Tax (LBTT), it’s now possible to see its impact across the Scottish housing market. By cutting the cost of purchasing cheaper homes, LBTT has led to an 11% increase in sales over the last year,’ said Christine Campbell, Your Move managing director in Scotland.