Your Move have reported that Scottish house prices fell 1.6% in April – the largest monthly fall since 2009, after a new Land and Buildings Transaction Tax (LBTT) was introduced.

Buyers rushed through 83 home sales valued over £1m in March to beat the higher tax, but no million pound homes were sold in April.

Christine Campbell, Your Move managing director in Scotland, comments: “Reforming Scottish stamp duty was always going to ruffle a few feathers in the market. After a spectacular 9.4% leap during March ahead of the new Land and Buildings Transaction Tax (LBTT), average Scottish house prices subsequently fell 1.6% in April – equal to £3,000.

“This is the sharpest fall we’ve seen since March 2009, when the housing market was at the lowest ebb of the housing crisis. The most significant monthly downturn was found in East Lothian, where values dropped 7.2%.

“Annual growth slipped from 16.3% in March to 14.6% in April. However, with double-digit growth still pervading, the housing recovery doesn’t appear too shaken, and this short-term hiccup has been concentrated in higher priced areas.”