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Scottish sales reach seven-year high

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The Scottish property market is in rude health, with house sales hitting their highest level in seven years.

Data from property firm Your Move found that new lower stamp duty charges had boosted sales over the summer months.

The number of home sales in July was higher than at any point in the last seven years. A total of 9,775 property sales were completed during the month.

The land and buildings transactions tax was introduced in April, meaning people who started the buying process that month could have completed in July.

Average property prices have also been relatively flat, another boost to would-be buyers.

Christine Campbell, Your Move managing director in Scotland, said market conditions were proving attractive for buyers.

“Scottish property sales hit a seven-year pinnacle in July, recording the highest number of home purchases during a single month since July 2008,” she said.

“Activity has been picking up speed in recent months, and sales volumes climbed 6% month-on-month to reach 9,775 in July. Lower stamp duty for purchases below £325,000 under the Land and Buildings Transaction Tax (LBTT) first got the ball moving in April.

“It’s the middle and lower end of the housing market where the tempo is really quickening. Stirling saw the biggest leap in property sales month-on-month in July, up 49%, and here the most commonly sold properties are flats.

“Across Scotland overall we’re witnessing fewer top-end home sales in 2015 than in 2014, due to the steeper transaction costs now incurred. The proportion of homes in Scotland sold for more than £325,000 has fallen from 9.2% of all property sales in July 2014, to just 7.8% a year later under the revised taxation system.”

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