Scotland recorded its busiest January in terms of home sales since 2008, Your Move data has revealed.
Scotland recorded its busiest January in terms of home sales since 2008 this year, Your Move data has revealed.
Its January sales were up 24% year-on-year as investors looked to avoid paying the 3% Land and Buildings Transaction Tax (LBTT) surcharge (Scotland's version of stamp duty).
Christine Campbell, Your Move managing director in Scotland, said: “As this tax hike was only announced in December’s Scottish Budget, January’s surge in sales may only be the tip of the iceberg.
“In Midlothian, property sales have outperformed every other area, shooting up 38% compared to the same month last year.
“This growth has been aided by the lower rate of LBTT on the purchase of cheaper properties, with flat and terraced house sales accounting for the largest rise.”
Glasgow was the area with the highest absolute increase in sales followed by Edinburgh. The only areas which saw sales decline between November and January compared to the previous three months were Aberdeen City and Aberdeenshire.
Scottish house prices have also risen, as they increased by 0.8% (£1,346) from December to January compared to a 0.3% uplift the month before.
Properties in Stirling led the way with 13.5% (£24,508) growth year-on-year.
The increase was fuelled by Stirling Council’s programme to build 210 new properties in the area, with an additional investment of £9m planned for 2016.
Sales of £2m countryside homes near the city also provided a boost, possibly as second-home purchases to avoid the surcharge.
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