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Scottish country house price growth moderates in Q1 2015

 

May 2015

Prime country house prices in Scotland rose by 0.2% between January and March, a slightly more modest increase than the 1.0% growth seen in the final quarter of 2014.

Annual growth also slowed, to 1.2%. This compares to average growth of 2.1% in 2014.

While price growth at the top end of the market has slowed approaching the UK General Election, prime sales volumes in the first quarter of 2015 have increased. This can be attributed to the plan to replace Stamp Duty with Land and Building Transaction Tax (LBTT) in April.

Both buyers and vendors in the prime market have looked to complete deals ahead of the introduction of the new levy.

Under the new rules, 50% of buyers will not be liable to pay any tax on the purchase of a home. However, for homes valued above GBP 333,000 the up-front cost of moving will increase.

Knight Frank sales data shows the number of prime country homes changing hands between January and March – ahead of the implementation of the new levy – was 11% higher than during the first three months of 2014.

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