Scottish Housing Market Purchases and Sales Support & Stimulus
The Scottish housing market has seen a dramatic slump in sales and purchases since the introduction of lockdown restrictions in March. This has adversely affected consumer confidence in the market amidst concerns over the real risk of falling property valuations in the future. In order to support buyers to proceed with purchases and stimulate consumer confidence, I believe that the Scottish Government could consider waiving Land and Buildings Transaction Tax (LBTT) on a short term basis.
Why the contribution is important
Waiving Land and Buildings Transaction Tax (LBTT) on a short term basis would stimulate the property market to encourage property purchases to proceed early after lockdown restrictions have been lifted. This stimulus would also minimise and/or mitigate for risk of falling future property values and promote consumer confidence. Without such a measure, many purchasers and sellers may put off property transactions until later in the year/next year, which will likely contribute to risk of falling property values, adversely impacting on consumer confidence and the economy as a whole.
by DrT on May 05, 2020 at 03:00PM
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