Buying your first home in Scotland in 2018 has just become a more achievable objective due to the news announced by the Government just before Christmas. The Stamp Duty tax relief announced by London has been mirrored in the Scottish Land and Building Transaction Tax for first time buyers. (source)

According to Finance secretary Derek Mackay presenting the Scottish Budget, the new relief will be introduced for LBTT for first time buyers for up to £175,000. This will translate into savings of up to £600 and will affect up to 80% of the current first time buyers.

The change in tax will start from June 2018, much to the disappointment of some, but if you are considering taking that all important first step up the property market, read this blog post with tips on how to start your first step up the property ladder.

The Scottish property market shows no signs of slowing down with a recent Rightmove report showing overall prices grew by 4.7% in the last year and the lowest average time to sell across the UK at 55 days, compared to Greater London area reporting an average of 78 days. At the same time, Scotland is home some of the most affordable property across the UK, with a current average of £179,977.

The biggest property price increases in the UK were reported in Glasgow (7.9%) and Edinburgh (7.5%) in the last year and with mortgages still being affordable it looks like this trend will continue in 2018.

The Mortgage Hub is an independent mortgage advisor serving the greater Glasgow area. Whether you are planning to buy your very first home and need the right first time buyer mortgage, or are looking to re-mortgage due to a house move or to growing family – we understand your journey is so much more than a financial process, it’s a journey to achieve your dreams, improve your lifestyle and achieve your true potential.