Carol said:
“With a changing of the guard here at CML Scotland, so to speak, I think it is a good time to take stock of our industry. If I was to give my feelings on the current state of the Scottish market in one word, it’d be optimistic.
“Mortgage lending continues to rise. Last year, more loans were taken out to purchase a home in Scotland than any year since 2007. First-time buyers were at their highest level since 2007. Home movers also. And, remortgage lending was up to 2011 levels. All the cogs working at a steady rate, with none over-heating the machine.
“We’d have wished the government had waited for the dust to settle before heaping new transaction taxes on top of the landlord tax changes. The CML believes proposals for a 3% Land and Buildings Transaction Tax surcharge on purchase of second properties demands a rethink. Or at least tinkered with so it is not an upfront tax for those with unplanned temporary ownership of two properties. This would be a huge inconvenience to many and we’d urge the government to allow buyers to be allowed to defer the payment of higher LBTT for up to 18 months, to cater for temporary situations. With the changes to the Private Tenancies Bill, further adding a LBTT supplement on top could have a cumulative impact on landlords and the ability of Scottish Government to deliver a fully cross-tenure approach.”
