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NEWS

Prime property transactions increase slightly in Scotland

23-10-2012


However, this Scotland wide figure has been sustained by much improved sales rates in distinct pockets such as Argyll and Bute, Dumfries and Galloway, East Lothian and Edinburgh.

Greater Glasgow suffered an overall dip in transaction levels of 13%, with Renfrewshire proving the only location where they remained static.

Edinburgh remains the hub of the prime market in Scotland, with 301 sales over £400,000 compared to 153 in Greater Glasgow, an increase of 24% during the first six months of the year compared to 2011.

The capital has a shortage of family housing available in prime locations such as Morningside, Colinton, Trinity and Inverleith where demand is high from local buyers. Family houses between £500,000 and £1 million continue to trade well.
Edinburgh attracts a range of purchasers, including a growing proportion from outside the capital buying properties in the New Town and other prime central locations.

Buyers in the capital include cash rich Aberdonians and expats based both in the south and abroad, many of who are purchasing a Scottish base, or are parents buying for children coming to be educated in Edinburgh. Among buyers of New Town properties were those from The Netherlands, Hong Kong, China, Canada and South Africa.

In a sample of 20 sales of Edinburgh homes sold this year, 47% have been to buyers paying 100% cash. The remaining purchasers were not heavily reliant on mortgage finance, and were in a position to pay a proportion of the asking price as a deposit.

Only 48 residential transactions took place at £1 million and above during the first half of 2012, compared to 64 in the first half of 2011 and changes in stamp duty have not helped. Stamp duty increased to 5% from 4% in April 2011 for transactions greater than £1 million and 7% for those greater than £2 million.

Within the space of a year, stamp duty for a £1.1 million property increased by £11,000 and for a £2.1 million property it increased by £63,000. This means for a home priced at £1.1 million, stamp duty alone equates to £55,000. Similarly for a house priced at £2.1 million the stamp duty equates to £147,000.

The firm’s analysis of the £1 million market demonstrates the disparity between London and Scotland. While there were more than 100 sales in the second quarter of this year at £5 million or more in London, there were only 48 residential transactions above £1 million during the first six months in Scotland, the vast majority of which took place in Edinburgh.

‘Million pound properties, especially those located outside the capital, are often purchased as a lifestyle choice rather than through necessity. As such, prospective buyers appear willing to wait for the economy to improve, or for prices to reduce further, before committing to a deal,’ the report says.

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