Commenting on today’s announcement regarding the revised Land and Buildings Transaction Tax (LBTT), Homes for Scotland Chief Executive Philip Hogg (right) said:

“We are pleased that the Deputy First Minister has paid some notice to our call for the introduction of a new intermediate band with the 5% rate for property purchases between £250,000 and £325,000.  Additional support at market entry level is also welcome but we need a healthy, functioning market for all price brackets.  It therefore remains to be seen whether the sharp 10% increase for purchases above £325,000 could still prove too punitive on growing families and aspirational movers, leading them to stay put and others unable to progress up the housing ladder.”