The Herald - The Herald Magazine
SCOTLAND’S VOICE OF PROPERTY ROUNDS UP THE WEEK’S NEWS
ANEGLECTED 4.5 acre brownfield site in Edinburgh currently under construction is being hailed as a ‘gated community without gates’ due to the site’s rectangular shape and narrow frontage onto Leith Walk. The Engine Yard – being developed by property management, regeneration and development business, Places for People on the site of Edinburgh’s historic tram depot at Shrubhill – will provide 376 new homes as well as state-of-the-art, on-site gym facilities.
There will also be 32 homes available for sale within the conversion of the existing B-listed former tram sheds, while the listed chimney and part of the boundary wall and gables will add character and inspiration when it comes to landscaping the external spaces.
The development will offer a range of tenure options for rent and sale. Properties will be released for sale in the coming months and potential buyers can register interest now with selling agent Rettie.
LBTT REVENUES SOAR
NEW research by Rettie shows that while LBTT began as the Scottish Government’s problem child, leaking away revenues and causing seizures in the mid-to-upper ends of the housing market, it could now be turning into a superhero.
“A key part of the housing market for LBTT receipts is the £300,000 to £600,000 ‘sweet spot’,” says Dr John Boyle, Rettie’s director of research. “Here, just under
10 per cent of the transactions generates around 50 per cent of the income – and it’s this market that has shifted over the last year. Many buyers, who resisted purchasing due to more prohibitive tax rates introduced above £333,000 in 2015, came back into the market in force in 2017-18 and took the tax take in a much more positive direction.”
The LBTT’s preferred home is in major Scottish cities, particularly Edinburgh, where it makes 30 per cent of its receipts from 12 per cent of transactions – and Rettie’s research shows four postcodes in Edinburgh (EH3, EH10, EH4 and EH12) contribute nearly 20 per cent of all receipts so, at present, LBTT is heavily a tax on Edinburghers moving house in Edinburgh.