When it comes to purchasing a property in Scotland, it's important to understand the intricacies of the tax system. One common question that arises is whether first-time buyers are required to pay stamp duty. In this guide, we will delve into the topic of stamp duty for first-time buyers in Scotland.
Raeside Chisholm Solicitors Blog
New data from TSB shows that, in Scotland, first-time buyers paid less for a deposit from January to March than in the last three months of 2022. Analysis has found that average deposits for first-time buyers in Scotland decreased to £31,261 in the first quarter of this year, as the average price of a first home was 8% lower than the fourth quarter of 2022.
Obviously at this crucial stage, every little bit can help when you are faced with finding a deposit, removal costs, and legal fees, to say nothing of furnishing and decorating your new home!
Scotland has seen a rapid increase of property sales at above £1 million – some 504 properties sold at this level in the last year, which was the most ever.
Although around of 42% of professionals across the UK reported seeing a decline in prices, according to the December 2022 survey from the Royal Institution of Chartered Surveyors (Rics), the good news is that the same is not true of Scottish properties!