Please note that as a result of the Corona Pandemic we have made the difficult decision to close our offices to members of the public.
The latest House Price Index report revealed the average property price in Scotland was £145,762 in February 2019. This was a 3.1 per cent decrease on the previous month and a fall of 0.2 per cent on February of last year (£145,982); the first annual drop in average property price in Scotland since March 2016.
According to recent research from Direct Life Line Insurance, 60 per cent of divorced Brits who are now in a new relationship, have failed to update any of their personal finances since their previous marriage. This includes the beneficiaries of their pension, death in service benefits, health and life insurance, money in trust, or their will.
Glasgow City Council has issued a compulsory purchase order (CPO) for seven apartments in Westmoreland Street, Govanhill. This move will mark the first time landlords will be forced to sell because they have failed to keep the property in an acceptable condition, and will be the first time a whole block with residents will be taken over under compulsory purchase in Glasgow.
Scotland’s cohabitation laws are in urgent need of reform as they do not support those going through the grieving process of a cohabitant’s death, according to the Law Society of Scotland.
Rental properties in Glasgow recorded a notable rise of 3.9 per cent in Q4 2018, up 33.6 per cent in a decade and bringing the year on year figure to £771, according to the Citylets Quarterly Report. The average property in Glasgow took 25 days to let, with 22 per cent being let within a week.
The two largest cities in Scotland have both seen an average house price growth of at least 9% this year – more than double than UK average – according to recent data from HouseSimple.
Following a Freedom of Information (FOI) request by Direct Line Insurance, Guildford in Surrey was dubbed the Inheritance Tax capital of the UK after it was revealed that as many as 658 families from the town southwest of London were subject to the tax between 2015 and 2016. On average, each family are said to have paid £231,000 per estate (a total of just under £152 million), more than anywhere else in the country.
Recent research from the Aberdein Considine’s Property Monitor report illustrates that the average price for Scottish properties sold for a record £169,450 during the second quarter of this year (April-June 2018), a 4.7% increase during the same time last year and a grand total of £175 higher than the previous record set in the third quarter of 2017.
UK house price growth in June slowed to the lowest rate since August 2013. According to the Office for National Statistics (ONS), this slowdown was mainly affected by the falling prices in London, where properties dropped from 0.7% to negative 0.2%. The report shows an average house price growth of 3%, down from 3.5% in May - the lowest annual rate in five years.
Recently released data from HM Revenue & Customs shows inheritance tax (IHT) raised a record £5.2 billion in the 2017-18 financial year, up 8% from the previous tax year.
Criminals using the UK property market to launder money could face up to five years in prison under the newly proposed legislation.
A new survey of the residential property market has revealed that the number of rental properties in Scotland has fallen even further over the last three months. However, this decrease in supply has been coupled with an increase in demand, which is expected to lead to a sharp rise in costs for tenants.
A new report into intergenerational wealth transfer has found that over 11 million people aged between 25-45 in the UK expect to receive some sort of inheritance from their parents or grandparents, with nearly half (5.1 million) of these expecting to inherit at least £50,000 in fixed assets or money.