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Scottish property market saw massive 2014 jump

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Rental growth in London recently reached the highest point in three years in the final quarter of 2014, but what's going on in the property market further north?

In a new report, Knight Frank notes that there was a leap forward in £1 million Scottish property sales during the final three months of the year. This represents a nine per cent quarter on quarter expansion.

It's interesting to note that there was a significant jump in the second half of 2014, with sales finalised during the period 88 per cent higher than what was seen between April and June, according to Knight Frank.

"The rise in high value property sales last year can be attributed to two factors, both of which have played a key part in boosting transaction volumes at this level of the market," explained Oliver Knight, from Knight Frank Residential Research.

"Firstly, the market has responded to the certainty provided by the result of the Referendum. After months of doubt about the outcome, buyers felt more secure about making a decision to move house or purchase a property."

He then went on to detail the second point, which he believes can be attributed to the announcement of the proposed Land and Building Transaction Tax (LBTT) rates in October. In turn, this allowed property buyers to see that purchase taxes would rise come April this year.

Essentially, there is a window for Scottish buyers to acquire properties valued at £1 million.

"We expect that the extra impetus for buyers of property valued above £1 million to complete sales before the new LBTT levy comes into force in April."

With the Scottish residential property market seeing such a significant jump, there's an opportunity for those involved in the market to take advantage of powerful property valuation software.

This tools makes it easy to calculate each of the KPIs for property development appraisals as well as feasibility studies.

Date Published: 27 Feb 2015
Category: General NewsNews

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