News House Price Rises Surge Ahead England And Wales Ahead New Tax

A new tax implemented by the Scottish government has seen house prices rise twice as fast as in England and Wales, according to a market report from estate agent Your Move.

Over the last 12 months, house prices in Scotland have risen by 11.2% whereas in England and Wales they have gone up by 5.7% in the same period.

The pace of the increases has been blamed on the new Land and Buildings Transactions Tax (LBTT) put in place by the Scottish Government as of 1 April, which Your Move suggests prompted a rush to complete transactions.

“For the top of the market especially, a pre-deadline rush has boosted the average price paid in March, so the latest surge in prices is unlikely to be sustained to quite the same extent in April under the new regime,” said Christine Campbell, regional managing director of Your Move.

“Yet even before the one-off effect of looming tax changes, Scottish house prices were rising on an annual basis by 6% in February, already on a par with 6.8% south of the border. As prices cool across the rest of Britain, Scotland has seen the opposite trend, with prices accelerating upwards.”

The Your Move/Acadata House Price Index for March 2015 said that in a single month, average property prices in Scotland rose £9,200 ahead of the enforcement of the new tax. The number of transactions completed in March was up 29% on February, with most of the activity at the top end of the market.

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