Second home levy will boost Dundee property market

Added on 15 December 2015

The new levy set to be imposed on the purchase of additional homes will spark a demand for properties across the Dundee area in the first quarter of 2016, according to a leading property expert.

George Solley, Director of Property Sales at Thorntons, predicts there will be a rush to complete these property deals before the new charge comes into force in April.

The additional supplement of 3% on the purchase price of an second/additional property was announced last week by Finance Secretary John Swinney.

The charge will sit on top of the existing Land and Buildings Transaction Tax (LBTT), which replaced Stamp Duty earlier in 2015.

George believes the move may see house prices increase at the beginning of 2016 as investment buyers look to beat the April deadline.

However, he also says that the levy is unlikely to deter property investors in the long term, due to Dundee’s strong rental sector.

George said: “Competitive bidding by an increased number of buyers is creating an increase in house prices in Dundee.  I believe that the announcement of the new supplement on additional homes may see property prices increase in the first quarter of 2016, as investors rush to beat the April deadline.

“Dundee provides good rental income from very competitive priced properties compared with other major cities, so the additional cost may not have a significant impact on the property market in the long term.

“Dundee faired extremely well in the last property boom and all the city had to offer to both owner occupiers and investors still exists.

“Anyone with a suitable property to sell should be encouraged to bring the property to the market to try and take advantage of the increase in demand.”

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