Latest News

HM Land Registry portal enhancements – a benefit to the property industry

11 August 2020

Following the announcement on 27 July that transfers of ownership of property, leases, mortgages, and other property dealings can be signed electronically, HM Land Registry has also confirmed that customers in Wales and England can now manage all portal applications and correspondence in one central place. Read More...

Government urged to speed up cladding remediation process

10 August 2020

The second report from the Industry Safety Steering Group on the progress of culture change in the construction sector was issued on 5 August, which highlighted the need for further change for the industry now, ahead of the legislation. Read More...

Consultation to reform planning system launched

06 August 2020

Housing Secretary, Robert Jenrick announced today, 6 August, the Government is ‘Planning for the Future’ and aims to overhaul outdated systems and reform the way the country builds. Read More...

LBTT threshold must be implemented immediately

Thursday 09 July 2020

In response to the Chancellor's Summer Statement at Westminster, the Cabinet Secretary for Finance, Kate Forbes MSP, has said that the Scottish Government will raise the threshold for Land and Buildings Transaction Tax (LBTT) from £145,000 to £250,000.

It is estimated that this will mean eight in ten homebuyers will pay no LBTT when the threshold change is made and the Scottish Government believe this will mean that people purchasing a property costing more than £250,000 will save £2,100.

In addition, an extra £50m is being added to the First Home Fund, a shared equity scheme providing first time buyers with up to £25,000 to buy a property. This will support an estimated 2,000 first time purchases and increase the total funding to £200m.

The changes will not come in immediately because legislation must be brought forward to implement the new requirements. However, no date has been set for its introduction.

Propertymark called for a temporary reduction in property tax as part of a UK Property Sector Support Package earlier in the year, and welcomes the development, however the delay in implementing this new proposal may lead to transactions stalling as buyers delay in the hope of a tax reduction.

Quote mark

This is a positive move and it will be welcomed by buyers, sellers and agents. However, further detail is needed on the application of the threshold being raised in terms of timescales. The Scottish Government must ensure that the legislative proposals are brought forward as soon as possible in order to sustain activity in the market and ensure the economy gets a post-COVID boost as we move into Phase Three. 

Daryl McIntosh, Propertymark's Strategic Development Manager for Scotland

Propertymark will update members on this breaking news as more information is announced.

Property Sector Support Package