Pacitti Jones - Stamp Duty

The property market is on the move... are you?

Selling or buying, 2015 looks set to be a strong year for the local property market.

The year has started where 2014 left off: with more properties coming onto the market, more closing dates and more offers over the Home Report valuation. Positive developments indeed.

However, 2015 also has in store some important developments of its own.

Local marketwatch ď Ą 9/10 of our sellers sold their property for asking price or more ď Ą 2/3 sales achieving their Home Report valuation or more Source: Pacitti Jones, G64, G66, G33, G21 postcodes, Jan. - Dec. 2014

Six branches across Glasgow

Stamp duty reforms

First, the Scottish Government announced a new, proportionate Land and Buildings Transaction Tax (LBTT) to replace the old single-rate stamp duty. Then, Chancellor George Osborne unveiled a similar change to UK stamp duty, lowering rates with immediate effect.

Now, the Scottish Government has responded by cutting some LBTT rates even further, meaning half of all house purchases will be tax-free and more than 40,000 buyers will pay less.

So where does this leave you? If you’re planning on selling or buying a property worth more than £325,000 then there are big savings to be had by completing before April when LBTT comes into effect.

If you’re selling or buying a property worth £325,000 or less, there’s no reason to delay - just be sure to make your completion date on or after 1st April to take advantage of even bigger savings.

In each case, rates are now payable only on the portion of property price within each band - like income tax - and not the whole purchase price.

Proposed Scottish LBTT Rates

New UK Stamp Duty Rates

Up to £145,000 £145,001 to £250,000 £250,001 to £325,000 £325,001 to £750,000 Over £750,000

Up to £125,000 £125,001 to £250,000 £250,001 to £925,000 £925,001 to £1.5million Over £1.5million

0% 2% 5% 10% 12%

0% 2% 5% 10% 12%

New property search website

Monday 26th January saw the launch of new property search website OnTheMarket.com - big news whether you’re buying or selling.

Property websites are now the first port of call when it comes to house hunting, with an estimated 95% of all property searches starting online.

Fully owned by estate agents, OnTheMarket.com is set to become the UK’s leading property website. No distracting advertisements, no annoying spam emails – just hundreds of thousands of properties for sale, making it the essential one-stop shop if you’re buying and offering invaluable exposure if you’re selling.

Sell through Pacitti Jones and your home will automatically feature on OnTheMarket.com, along with Rightmove, GPSC, ESPC, SSPC and our own new-look website pjglasgow.co.uk.

Always deliverying more

When moving home, you want an estate agent who’ll deliver more. At Pacitti Jones, we keep on delivering.

Selling? We’ll advise on the best asking price for a swift sale at the highest possible price, along with sharing our tips on preparing for viewings and ensuring your property benefits from unrivalled exposure. This includes alerting buyers on our database looking for a similar property.

Buying? Our new, responsive website pjglasgow.co.uk makes it easier than ever to search properties and includes information on council tax bands, schools and transport, and a handy mortgage calculator too.

And because we have a dedicated legal team, we can also help with the conveyancing of your sale or purchase.

West End 6 Havelock Street (off Byres Road) Glasgow, G11 5JA Tel: 0141 334 6444 Fax: 0141 576 0101 Email: westend@pjglasgow.co.uk

Kirkintilloch 64 Townhead Kirkintilloch Glasgow, G66 1NZ Tel: 0141 777 8899 Fax: 0141 578 0081 Email: kirkintilloch@pjglasgow.co.uk

Rutherglen 85 Main Street Rutherglen Glasgow, G73 2JQ Tel: 0141 647 4444 Fax: 0141 569 4442 Email: rutherglen@pjglasgow.co.uk

Burnside 218 Stonelaw Road Burnside Glasgow, G73 3SA Tel: 0141 647 3322 Fax: 0141 569 4445 Email: burnside@pjglasgow.co.uk

Bishopbriggs 175 Kirkintilloch Road Bishopbriggs Glasgow, G64 2LS Tel: 0141 772 2211 Fax: 0141 563 2221 Email: bishopbriggs@pjglasgow.co.uk

Shawlands 206 Kilmarnock Road Shawlands Glasgow, G43 1TY Tel: 0141 571 4444 Fax: 0141 571 0124 Email: shawlands@pjglasgow.co.uk

pjglasgow.co.uk