Publication

Scotland's Residential Property Market – Autumn 2017

Research Article

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Scotland is enjoying its strongest market conditions since 2008, despite higher rates of taxation

Summary

Whilst the UK-wide residential market is feeling the impact of the EU referendum and this year’s General Election, Scotland, despite higher rates of taxation, is enjoying its strongest conditions since 2008. Should the Scottish Government reconsider LBTT rates then the property market has the potential to rival the performance of other markets around the UK

■ Prime market activity across Greater Glasgow goes from strength to strength, with the West End and new build markets leading the way

■ A lack of mainstream supply has led to a drop in activity in Edinburgh. The prime market continues to suffer from the impact of LBTT and fewer properties are being launched this year

■ The Aberdeen area residential market is looking less gloomy, with values stabilising and transactions recovering slightly in recent months. However, the level of available second hand mainstream stock remains high

■ A further reduction in values has enabled a recovery in regional locations, with more buyers now coming from outside Scotland. Properties in established towns, with quick access to amenities and major cities, are in demand. However, higher taxation continues to impact the top end of the market

■ The market above £750,000 is struggling to adjust to LBTT, which is heavily reliant on the top end of the market and sales in Edinburgh. Future Government targets will not be achieved unless there is a significant change in rates

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