ONE of Scotland’s most influential property lawyer’s has explained the government’s stamp duty changes for the YouTube generation.
Scott Brown is Estate Agency partner with Warners Solicitors, the Edinburgh-based legal firm which has been a major player in the Scottish capital’s property market for a decade.
Now he has prepared a video explanation of the changes in Stamp Duty Land Tax, so that homebuyers can more easily get to grips with the complexities of the system.
In September Chancellor Alistair Darling raised the threshold on the price at which a property purchaser becomes liable to pay Stamp Duty – from £125,000 to £175,000.
The move was designed to stimulate the housing market, by making it easier and more attractive for first time buyers in particular to get a foot on the property ladder.
Warners Solicitors has been the number one company for both property sales and listings in the ESPC area for nine consecutive years. Its expert staff are regularly being asked to explain Stamp Duty – and the recent changes – to confused house hunters.
Scott came up with the idea of short video outlining the main changes in an easy to digest way for those with busy lives.
By raising the Stamp Duty threshold to £175,000, the chancellor has ensure the vast majority of likely Scottish house purchases will now come under the limit. The average Scottish house price is beneath the £175,000 mark in 25 of the country’s 32 local authority areas.
The map below shows those areas in blue, where the average house prices is below the Stamp Duty threshold. The areas marked in red are where average prices exceed £175,000.