THE VOICE OF PROPERTY

INVESTORS and second home buyers contributed over a quarter of all property taxes in the last year, according to leading property firm DJ Alexander Ltd, the largest estate and letting agents in Scotland.

The latest statistics on Land and Building Transaction Tax (LBTT) reveals buyers paying the additional dwelling supplement (ADS) which is liable on second homes, contributed £179.1m between May 2022 and April 2023, representing 27.9 per cent of the £642.4m collected in tax for the year. The last two months recorded the two highest ever

ADS amounts collected since the tax was initiated in April 2016 – £17.8m in March, which was 37.5 per cent of all residential LBTT collected that month, and for April it was £17.3m, which represented 37.1 per cent of the total tax take.

Commenting on the news,

CEO David Alexander, says: “These figures are remarkable and indicate landlords and second homeowners regard Scotland as an attractive place to invest in. While they relate to both investors and those wanting to own another home, my suspicion is that most of these buyers are landlords who rightly recognise Scotland is an area with enormous demand for property rentals and extremely limited supply.”

PART of the appeal of older traditional properties is space, for which many buyers are prepared to forego all the mod cons and advantages purported by new build developers. And if space is a pre-requisite, news this week that the average size of a home in the UK is among the smallest in the world – and the most expensive – proves the point.

According to data compiled by digital home information pack provider Moverly, the average UK home is just 818 sq ft, one of the smallest globally out of 19 nations analysed.

Australia and New Zealand top the leaderboard with an average 2,303 sq ft, followed by the United States at 2,164 sq ft and Canada at 1,948. Properties in the Netherlands, France, Germany, and Spain also proved more generous, both in terms of price and space. As for cost, the average price of a UK home is currently £351 per sq ft, far higher than the other countries (the

United States average is just £126 per sq ft), while London rises to £724 per sq ft.

Moverly’s findings back a survey undertaken in 2018 by Which? that revealed UK homes built since 2010 offer the lowest living space in 90 years, amounting to little more than both decks of a London bus (based on living areas, kitchens and bathrooms, but not hallways or staircases).

Interestingly, Which? also included a graph to highlight how home sizes have changed over time – and from a peak point of 896.6 sq ft in 1970, the 2018 average had plummeted to 67.8 per cent. Food for thought …

Holmwood Heights has an enviable location FM GROUP has opened a showflat at its new Holmwood Heights development at Cathcart in the southside of Glasgow. Situated on the bank of the White Cart River – adjacent to the B-listed and recently redeveloped Cathcart House, which is now sold out – this latest building also forms part of the former Scottish Power HQ development. It comprises 59 two and three-bedroomed luxury apartments and one, two and four-bedroomed penthouses. Prices start from £273,000 for a two-bed ground floor apartment and the first completions are due this summer. Details are available from selling agent Corum’s Shawlands office.