Tayside and Fife enjoy mini property boom

Tayside and Fife enjoy mini property boom

Ken Thomson

Tayside and Fife are enjoying a mini property boom as supply exceeds demand throughout the region.

The high demand has led to a surge in prices for all residential properties, with price increases reported locally of 7%.

Ken Thomson, partner and head of residential property at Thorntons, said it was an ideal time to sell.

He said: “We’ve witnessed an immediate and sustained mini property boom since the market reopened in June 2020.

“There’s been such a pent-up demand fuelling the marketplace that in some areas has meant supply has struggled to meet demand.

“This has led to a rise in prices for all properties from small flats to top-end homes, which in some areas of Scotland, including Edinburgh and the Borders, have been significant.

“The year-on-year average price rise to the end of December was 6.8% in Dundee and Angus, 6.5% in Perth and 5.3% in Fife.”

He added that government schemes have helped new buyers. 

He said: “Part of this has been, in part, due to government assistance through the Help to Buy ISA scheme. This has now closed to new savers and replaced in part by the slightly less attractive Lifetime ISA scheme.

“The First Homes Fund, a shared equity scheme providing cash loans of up to £25,000 to assist in the purchase of a first home, has also been popular. This scheme was closed in October, but has now reopened for applications to assist with purchases that will complete on or after April 1 2021.

“Assistance may also still be available to new buyers under the LIFT Open Market Shared Equity Scheme.

“Another current incentive is that Land and Buildings Transaction Tax (LBTT) is not payable where the purchase of a property is at a price of £250,000 or less.

“That leads to a saving for buyers of up to £2,100, but only applies to purchases that complete on or before March 31 2021.”

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