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Interest Growing in Scottish Property

An independent consultancy has found that there is an added interest in buying properties in Scotland this summer, with more property viewings and inquiries this year.

The news comes with many stating that property prices were rising in Scotland were only due to a change from stamp duty to Land and Building Transaction Tax (LBTT). Despite this, the recent findings show that there is an ever larger percentage of international and foreign buyers interested in securing a property in Scotland.

The survey is a further boost to the Scottish property market which typically enjoys a strong Spring period. However, figures indicate that this is set to continue in the Summer.

Surge In Interest

The property market, like many others, is no stranger to ups and downs with the market often fluctuating. However, some experts warned that with a new tax in the LBTT, the Scottish referendum, the general election and holiday periods, interest in buying a property in Scotland would naturally decline. Despite this, the study from CKD Galbraith has shown that interest in buying a property in Scotland is still exceptionally high.

The study from the solicitors also found that the West coast of Scotland and the Highlands were doing particularly well and proving popular. Prime real estate in the West Coast had over 50 viewings in less than a fortnight. Despite this, the study also found that properties over £500,000 in value did tend to stay on the market for a longer period.

John Bound, a partner at CKD Galbraith, said: “We have witnessed an especially strong surge in activity across the country recently and believe this is due to a number of factors.

“Political uncertainty has eased and potential buyers and sellers have a renewed confidence in the property markets from the south of England to the north of Scotland. There has been increased activity right across Scotland, and in Edinburgh demand for high-end city centre property continues to rise.”

Property Prices in Scotland

The news comes despite a minor blip in the property values in April with the values of properties falling by 1.6%, the largest monthly fall since 2009. Despite this, sales were up 18% month on month and were 4% higher than the same period last year. Properties fell by 3%, but the average property price in Scotland was still at a record high at over £184,000.

Although there are claims that the new changes will damage the property market, in general, it is mainly showing in the sales of high end properties. Sales of properties valued at over £500,000 were sold at a slower rate in April than in previous months. Conversely to figures from March there were no sales of properties worth more than £1 million in April. The previous month saw  83 sales of properties over £1 million with 46 being sold in just three days, higher than the Scottish average of 12.

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If you require advice regarding buying a property in Glasgow, our team of expert solicitors can help. We are local to Glasgow and pride ourselves on our knowledge of the area. If you are interested in buying or selling a property in Glasgow, check out our property guides or contact us using our online contact form.