What house can I buy for under £250,000?
In July, the Scottish Government announced they would be temporarily raising the zero tax threshold for Land and Building Transaction Tax (LBTT) to £250,000 from £145,000. This means if you purchase a residential property in Scotland under £250,000 before 31st March 2021, you won’t have to pay any LBTT. Although if it’s a second home purchase, it may be subject to the Additional Dwelling Supplement.
This change to property tax could save you up to £2,100. But what kind of home can you purchase for under £250,000? We look at properties on the market right now with asking prices and Home Report valuations below £250,000.
Properties in Edinburgh
Property prices are generally higher in the capital than other parts of Scotland. The rise in the zero tax LBTT threshold could be of particular benefit to first time buyers looking to buy in the city, with many flats in popular areas for young professionals priced under £250,000.
For example, this stylish two bedroom flat in Leith, with a fantastic and spacious living area is available for offers over £225,000. And this attractive two bedroom flat in Slateford is priced at offers over £215,000.
Properties in Fife
Fife is an excellent alternative to Edinburgh with great transport links, easy access to the outdoors and you can generally get a bit more for your money than in the capital. This four bedroom detached house in Dunfermline is on the market for offers over £235,000.
Of course, if you would prefer to live out in the countryside, there are also plenty of options in Fife. This bespoke two bedroom apartment in a restored 1850s Baronial Mansion in Oakley is fixed price at £228,000.
Properties in East Lothian
Fancy a home near the beach for less than £250,000? This modern three bedroom house in Prestonpans is just a five minute walk from the beach and is on the market for offers over £220,000.
If you are looking for something further inland in East Lothian, this charming and picturesque three bedroom cottage in Haddington is available for offers over £225,000.
Properties in Midlothian
Living in Midlothian offers a host of benefits including easy access to the outdoors, proximity to Edinburgh and the City Bypass, and a great choice of property. This four bedroom townhouse in Gorebridge is on the market for offers over £205,000. And this two bedroom lower flat in Eskbank is available for offers over £210,000.
Properties in the Scottish Borders
If the lockdown restrictions had you craving plenty of outdoor space, a move to the beautiful Borders may be what you need. This two bedroom cottage is nestled in the gorgeous Berwickshire countryside with a guide price of £240,000.
Properties in West Lothian
Well-connected to both Edinburgh and Glasgow, the towns and villages of West Lothian are good options for those who need to commute into either city for work. And property prices are generally a bit lower than in the cities.
This two bedroom cottage in Newton is on the market for offers over £210,000 while this stylish three bedroom house in Kirknewton is available for offers over £230,000. Both homes are a perfect example of what West Lothian has to offer.
Properties in Dumfries and Galloway
The south-west of Scotland is another great base for those looking for easy access to the countryside, as well as Glasgow and cities and towns in the north-west of England. The two bedroom Leaths Cottage in Castle Douglas has a guide price of £200,000 while this three bedroom bungalow in the artists’ town Kirkcudbright is on the market for offers over £225,000.
Properties in Glasgow
In the west of Scotland, Glasgow offers a great range of houses and flats. You can get some fantastic properties under £250,000 in the city, with this exceptional two bedroom duplex flat in the centre of Glasgow available for offers over £205,000.
The properties included above all have an asking price and Home Report valuation below £250,000. If you choose to bid over the Home Report value and the purchase price therefore exceeds £250,000, the transaction will be liable for LBTT. You should consult with your solicitor for more information.
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