The latest House Price Index has revealed that the average property price in Scotland in May 2016 was £141,142. This was an increase of 4.0% on the previous year and an increase of 2.8% when compared to the previous month.
New figures from the Council of Mortgage Lenders have revealed that landlords took out 45,000 mortgage loans before the introduction of the new stamp duty increase in April.
From From 1 May 2013, a landlord will have a legal duty to provide new tenants with a tenant information pack will have to be provided for all new assured and short assured tenancies. This includes the renewal of existing tenancies where the landlord and tenant draw up a new lease. A tenant information pack will not be required for existing leases.
The Green Deal is established by The Energy Act 2011 and applies to Great Britain but not to Northern Ireland. The aim of the Green Deal is to improve the energy efficiency of residential and non-residential properties and enables householders to obtain energy efficiency improvements to their property (whether owned or tenanted) without having to make a substantial capital “up front” payment.
The Scottish Governments has introduced the Land and Buildings Transaction Tax (Scotland) Bill which is set to replace the current Stamp Duty Land Tax system currently operating in Scotland on land and property transactions.
Registers of Scotland have reported that the average price of a home in Scotland has dropped by 1.5% compared to the same period a year ago.
The window of opportunity for first time buyers to benefit from relief from stamp duty land tax in transactions with considerations not exceeding £250,000 will close on 24th March 2012.
Stamp duty land tax is ordinarily payable on the purchase of residential property at the rate of 1% for considerations over £125,000 but not exceeding £250,000 (with higher rates of tax applying to considerations over £250,000).
The Budget on 24th March 2010 created a 2 year period within which relief from stamp duty land tax was given to first time buyers where the price paid for a house did not exceed £250,000.
I n a few short weeks that relief will end and first time buyers will again have to find additional sums to meet the tax liability which in the current depressed market conditions is unlikely in many cases to be easily achievable.
The removal of the relief will be another obstacle in the revitalisation of the residential property market.
