House mover numbers showed 3% increase in 2015

Published 13th Feb 2016

A review has found the number of people moving house in Scotland continued to increase last year.

Around 32,850 property moves were made in 2015, up 3% from the figure of 31,800 in 2014.

The 2015 figures are almost 20% up on the 2011 market low of 27,500 but are half the 2006 peak level of 66,000 moves.

Rising house prices and the introduction of the Scottish Government's new land and buildings transaction tax (LBTT) to replace stamp duty helped movers save money and encouraged more transactions, the latest Bank of Scotland home mover review found.

Under previous arrangements the average stamp duty paid by a Scottish home mover was £2,014 based on an average house price of £201,429 but under the new system, this has fallen to £1,129, according to the bank report.

Nicola Noble, Bank of Scotland mortgages director, said: 'The savings created by the new LBTT, low mortgage rates and rising real pay, are combining to drive growth in the housing sector and this is something that is reflected in these findings.'

She said 2015 was 'a good year for those looking to move home. The ongoing increase in house prices throughout the year will have been especially welcomed by those who bought when house prices were at their peak, and who have been looking to rebuild their equity in order to make their next move'.