£1m-plus Scottish homes market to outpace UK

The market for million pound-plus homes in Scotland is set to outpace the wider UK performance in the years ahead, according to research by property firm Savills.
Sales prices achieved on the Hamilton Grand development in St Andrews are on a par with London.Sales prices achieved on the Hamilton Grand development in St Andrews are on a par with London.
Sales prices achieved on the Hamilton Grand development in St Andrews are on a par with London.

The prediction comes on the back of figures showing that despite an overall drop of sales during 2020 due to the closure of the property market until the end of June, the second half of the year saw strong gains.

Agreed sales of residential properties priced £1 million and above between July and December last year were up by 28 per cent on the same period the previous year.

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Edinburgh saw its highest ever number of residential transactions at £1m and above with 196 sales, 35 per cent more than more than the previous high of 145 in 2007 and a rise of 53 per cent compared to 2018. There were 287 sales at this level across Scotland, just three less than the all-time record of 2007.

Over the next five years, prime Scottish properties are expected to see gains of 22.8 per cent compared to 20.5 per cent across the UK as a whole.

Savills said demand for homes at the Hamilton Grand development in St Andrews, Fife highlighted the strength of the market.

The apartments, situated on the 18th hole of the Old Course were sold for £1,500 per square feet, which Savills said was on a par with the London property market.

There were 15 transactions at £2m and above last year across Scotland, including eight properties sold for over £3m.

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