What now for the property market?

Wednesday 27 May 2015

Matthew Gray, Scottish Executive for the National Association of Estate Agents says: “Now that the General Election is behind us having followed closely on the back of the Scottish Referendum, there is a relative sigh of relief from many in Scotland who have lived through an unprecedented period of political intrigue and uncertainty.

“Clearly the country (UK) is now split politically from a local point of view, although still very much governed nationally by the Conservative Party who have a majority vote to govern as one party and not the coalition of the previous five years.

“Nationally the Conservatives have made a number of housing commitments relevant to England and Wales (and some Scotland) – including the Help to Buy ISA for first time buyers and it will be interesting to see if they can cash the cheque of promises they’ve made for home ownership within just five years. In Scotland we are adjusting to the introduction of LBTT (Land and Building Transaction Tax), the replacement of stamp duty. This for many will have a significant impact on the market, reducing the upfront costs considerably and enabling many to contribute a higher amount to their deposit. However for those at the upper end of the market, the swing is significant and will undoubtedly slow the market down for a period of time and perhaps have an impact on property values at the top end.”