A roller coaster ride for the Scottish property market in 2021

the Scottish property Marlet had a Russian mountains performance in last year according to a leader property solidify. DJ Alexander Ltd, member of the Lomond Group, the largest real estate and rental agency in Scotland, believes that the property Marlet – from buyers to tenants, owners and investors – experienced a period of stronger growth this year than many imagined or even could have hoped for for.

Housing Marlet has proven to be extraordinarily robust, with parts of Scotland – like Edinburgh – seeing double-digit sales growth and prices that even the most optimistic real estate agent would have struggled to predict. Demand exceeded supply and held steady throughout the year, even after the end of lower land and real estate transaction tax (LBTT) relief. in March inindicating that reduced tax liability was not the main driver of housing Marlet.

Inact, one of the most unusual elements in the history of 2021 is the road in including the private rental sector (PRS) also rebounded remarkably. From a depressed Marlet at the start of the year we saw unprecedented demand for properties and an important infold in owner’s volume and value inclothing.

According to the latest LBTT statistics which cover the period up to November 2021 (the last for what figures are available) the value of income from residential sales for the Scottish Government inincreased by 92.4% year on year. Taxes collected incrumpled £ 178million from £ 192.7million in 2020 at £ 370.7million in the eleven months until November 2021.

The results for those who pay the housing supplement (ADS) who inincludes owners, property ininvestors and second owners ingrew 79.2% over the same period, increasing £ 66.9million from £ 84.5million in 2020 to £ 151.4million by November 2021.

David Alexander, CEO of DJ Alexander Scotland, commented: “The past year has been both surprising and remarkable. No one believed that the residential Marlet would continue to be so dynamic at a time when many people must have had real concerns about their future jobs and income. Yet we have seen record increases in house prices and increased demand. “

“The latest LBTT statistics show how important this demand has been. The last six months (June to November) of revenue raised were the highest on record since the tax was inintroduced by bringing in just under a quarter of a billion pounds (£ 249.0 million). This reveals the magnitude, degree and character of this property boom.”

David continued, “Let these record numbers also be reflected in Statistics for those who pay the housing supplement insays it’s not just homeowners who see Scotland as a great place to shop. The owners, ininvestors and secondary owners contributed £ 94.0million to government coffers in the past six months alone with the highest ever single month figure of £ 19.0million in November.”

“What this tells us is that property has been and continues to be a vital part of the pandemic. People needed a place to stay that was meaningful to them and contributed to their well-being. It was as if people suddenly remembered that there are few things more important than where you live.

David concluded: “For the Marlet last year has been remarkably resilient for inindividuals and injackets. Prices continued to rise and, despite this, inindividuals, owners and inthe jackets all worked in because they realize that there is still great potential value in the Scottish Marletplace. Despite the promise of a greater ininterest rate in the next 12 months I think last year’s increases will be sustained into the new year. Maybe not at the same level of infold but still positive. Since we are also likely to see the return of several thousand EU citizens once the impact of covid is reduced in Europe I think the private rental sector could experience a certain boom in the year to come.

Penny D. Jackson