House Prices Surge to Record High due to “Mini Boom”
Following the reopening of the housing market and the Scottish Government’s announcement that they were increasing the nil rate band for Land and Buildings Transaction TAX (“LBTT”) from £145,000 to £250,000 there has been more good news for the housing market.
According to Rightmove the average price of properties coming to the market across the UK is 2.4% higher than before lockdown started in March. Figures released by Rightmove indicate that the average property price in Scotland is £166,322 which is a 4.5% increase since March. This was the highest percentage increase across the UK.
Miles Shipside, a Director at Rightmove, commented that “the unexpected mini-boom continues to gather momentum.”
With the change in LBTT lasting until 31st March 2021 and buyers reassessing their housing needs and lifestyles it will be interesting to see how this develops.
Our award winning Estate Agents in Paisley and Renfrew have seen a surge in enquiries since the market reopened. If you are looking to sell a property get in contact today to arrange your Free Valuation and a member of our experienced team will be in touch. In addition, our conveyancing solicitors in Paisley and Renfrew are on hand to provide you with all the necessary legal advice when it comes to buying and selling a property.