This issue describes a UK housing market that is diverse and fragmented, where conflicting signals on activity and price growth confuse those who are trying to put together the jigsaw puzzle of house price forecasts. Download here.

Scottish independence

The question over whether Scotland will remain part of the UK following the vote in September 2014 does not yet seem to be impacting demand for Scottish property. It remains the most searched location outside London on the Savills website. However, political elections of any type cause market uncertainty and the Scottish market is likely to experience something similar. Answers to how independence might affect the economy may become clearer with the publication of the White Paper this autumn.

Changes to Stamp Duty in Scotland could have a bigger impact on the market than that of the Independence Referendum. From April 2015, this will be replaced by the Land and Building Transaction Tax (LBTT), which will be collected within Scotland only. The final tax rates will not be announced until autumn 2014, however, the proposed structure favours residential sales at £180,000 or less, with sales above £200,000 incurring a higher rate of tax than at present.

Taken from
Residential Property Focus Q4 2013

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