LONDON, ENGLAND, January 31, 2013 /24-7PressRelease/ -- The Prime Scottish Property Index published by Knight Frank indicates that property in Edinburgh has risen by 0.6 per cent year on year for a house and by 0.7 per cent for a flat. Prices have remained static in the final quarter of 2012. Prime property in Edinburgh remains popular with buyers typically coming from in the City rather than the more traditional commuting areas that surround Edinburgh.
Exclusive properties and new homes in Scotland ranging from GBP500,000 to GBP1 million remain popular with overseas buyers and wealthy purchasers.
There has been a marked decline in buyers for rural country homes in Scotland because of the restrictions of mortgage finance and consumer confidence where buyers prefer to stay with their existing properties rather than upgrade in the current climate.
The remainder of properties across the Scottish region however have seen prices slip by 2.7 per cent in 2012, with an average drop in prices during the final quarter of 1 per cent. Small rural properties have been worst hit with an over annual decrease of 4.7 per cent, followed by farmhouse properties decreasing by 2.4 per cent overall during 2012. Scottish cottages have remained popular and have increased by 1.9 per cent.
A new stamp duty land tax plan has been unveiled by the Scottish Government which will come into effect from April 2015 and replace the current Stamp Duty tax in Scotland. It is thought that the new Land and Buildings Transaction Tax will apply when new homes for sale, existing properties and land are purchased and leased using a sliding scale according to the transaction cost. It will also give the Scottish Government the powers to set taxation rates in line with market conditions and the property market.