THERE was a boom in sales of £1million homes in Scotland
just weeks before a new sales tax came into force. A total of 36 properties
with a £1m price tag were sold in March – the highest number ever in a single
month. It came before the Land and Building Transaction Tax replaced stamp duty
on April 1. Two thirds of the £1m homes sold were in Edinburgh. There was also
a spike in sales of properties over £400,000 in March, with 644 sales
registered compared with 238 in the same month in 2014.
Estate agents Strutt & Parker, said: “The massive spike
in both Edinburgh and Scotland in the month before LBTT saw the average sale
price in Edinburgh rise to £280,000. It had not risen above £240,000 since
2008.”
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