The end of the LBTT (stamp duty) holiday is fast-approaching, and you may be wondering how this will impact the property market here in Scotland.
The latest study from Rightmove shows that buyer demand is on the increase with buyer activity tracked on the site higher than the same period last year.
It’s now too late to complete a deal before the LBTT deadline ends on March 31st, but this doesn’t appear to have dampened buyer appetite with the number of people registering their interest with estate agents up by 18% compared to February last year. What’s more, the number of website visits has increased by an impressive 45%.
Buyer demand is still outstripping supply, helping to push up prices even though we are still under tight restrictions across Scotland. Asking prices are, on average, more than £1,500 higher in February compared to January this year, which is the first increase for four months.
Although buyer demand is on the rise, the number of new properties coming to the market is 21% lower annually across the UK showing that demand is far outweighing supply which in turn, pushes up prices.
Rightmove has reported that this could be because family homes are delaying coming to market due to home-schooling distractions.
The outlook
The property market has got off to an extremely strong start this year, with plenty of great reasons to put your home up for sale. Last year’s market was extremely busy, and we experienced a property boom that no one saw coming. Buyers were fuelled by the need for more space as more people were having to work and study from home.
We believe we will see a continuation of this as we approach the spring and summer months. Although you won’t be able to take advantage of the stamp duty holiday, there are many buyers looking for homes and not enough properties making family homes highly sought after. What’s more, people will be looking ahead to the next school year.
Clyde Property is a leading independent, multiple award-winning estate and letting agent with more than 30 years’ experience in selling and letting property in Scotland. Just call your local Clyde Property branch today for friendly, impartial advice on finding your next dream home.
