As the summer season begins to unfold, there is a beautiful breeze of good news in the Scottish property market, particularly for first-time buyers.

Ranked as the best region for first-time buyers
Scotland's property market experienced a surge of excitement when it emerged as the top UK region for first-time buyers. This was ranked based on home affordability and the local earning potential, allowing Scotland to stand out for its low property prices. Normally in the Scottish property market between November and January, it is known to be a dry spell of property sales, but this year that wasn’t the case as the Scottish property market skyrocketed, which was found to be encouraged by a steady increase of first-time buyers.

Increase in first-time buyer-friendly homes
First-time buyers have been joining the Scottish market more commonly currently due to an increase in property listings and availability. Due to ongoing legislation around rental rates, landlords in Scotland have been selling their properties. The legislation to be put in place in Scotland from April 1, 2024, restricts the amount landlords can charge for rent. This has led to many landlords selling their properties, increasing the number of first-time buyer-friendly properties on the market.

Increase in property sales
Within the Scottish property market, there has been a steady sales volume increase of 2.8% since last year.* This has occurred due to more choices for buyers on the market, leading to an increase in competition, which has resulted in a boost within the Scottish property market and a swell in property prices by 4.2% since last year.** With this increase in Scottish property value, it has encouraged more and more people to sell.

Quick move-in time
With the Scottish property market being separate from the English property market, it has allowed the Scottish market to become more efficient and quicker. Now there is a large difference in the average number of days it takes to sell a property. It only takes 43 days in Scotland, allowing first-time buyers to have a quicker move-in time compared to England, which averages 73 days to sell a property.**

Land and building transaction tax
Land building and transaction tax (LBTT) is only applied to land and building transactions in Scotland instead of paying stamp duty tax like in the UK. The LBTT varies from 0-12% of the cost of the home you purchase, but as a first-time buyer in Scotland, you are exempt from the LBTT up to £175k, unlike a normal buyer who must pay the LBTT from £145k.*** This has been put in place to encourage first-time buyers to get involved in the market.

Why should you buy your first home in Scotland?
Scotland offers an unbeatable blend of beautiful, charming cities and breathtaking landscapes. It is a place where homeownership can become a reality with low property pricing and a well-structured system for first-time buyers. The average home price in Scotland is 37% lower than the average property price in England, increasing overall accessibility.**** If you are struggling to get on the property market this summer, buy a property in Scotland and make your dreams a reality.