House sales hit highest level in nine years

SCOTLAND’S housing market is in its best shape for nine years with the market showing the highest number of sales since the dawn of the credit crunch in 2008.

House sellers and builders have also concluded that canny Scots buyers were “unfazed” by last June’s Brexit vote, despite the dire economic warnings.

However, the decision of the SNP Government to introduce the UK’s highest tax on property sales has choked the market between £800,000 and £1 million.

The main findings come from estate agency Savills, which launched the results of its research to 500 property professionals in Edinburgh yesterday.

At 100,081, the number of house sales in Scotland last year was nine per cent above the 10-year average and the highest number since 2008.

Scottish property also attracted a growing number of “top end” buyers from outside Scotland as the country recovered from the economic uncertainty caused by the 2014 independence referendum.

Andrew Perratt, head of Savills residential Sales in Scotland, said: “In times of political and economic uncertainty, high net worth investors are drawn to prime central hotspots which are considered safe investments and good value for money.

“That is exactly what we are seeing here; interestingly not only is there more investment from outside Scotland in residential property, but also in commercial and rural markets.

“Scotland is being seen as a sensible place to do business and invest in land and property across the sector.

“Scotland is not depicted by boom and bust but by a healthy functioning market.”