Savills reports record year for Scotland’s £1m-plus property market

Savills reports record year for Scotland's £1m-plus property market

Faisal Choudhry

Scotland’s top-end market witnessed an extraordinary period in 2022, with a record 491 residential transactions at £1 million and above, according to Savills’ latest research.

This included the highest price ever paid for a residential property in Scotland, Seton Castle in East Lothian, which saw offers over £8m.

With a rebalancing towards urban locations, Scotland’s largest cities dominated 2022, led by Edinburgh, which witnessed a record 287 transactions. Here, the majority of second-hand sales took place in the inner suburbs of Grange, Morningside and Merchiston, attracting buyers seeking large family homes.

With five transactions each, Craiglea Drive and Nile Grove were among the most active thoroughfares. Following a slight dip in 2021, Edinburgh’s New Town, led by Great King Street, made a roaring comeback with multiple sales, reflecting the desire to be close to local services in 20-minute neighbourhoods.

Glasgow City saw a record 31 transactions last year above £1m, led by the West End, with the Park Area also seeing robust performance. Glasgow’s suburban market remained level last year, including in areas with sought-after schooling, such as Bearsden and Giffnock, and also in hamlets such as Bothwell and Thorntonhall in Lanarkshire.

Scotland’s smaller towns and villages still remain popular among aspiring buyers seeking a lifestyle change and more space, underpinned by flexible working patterns.

Leading million pound locations around Edinburgh included Gullane, North Berwick and Longniddry in East Lothian and Linlithgow in West Lothian.

St Andrews saw a record 16 transactions above £1m, including new build sales at Hamilton Grand, and family homes, with Hepburn Gardens among the leading thoroughfares. Elsewhere, villages surrounding Perth and also Killearn in Stirlingshire and along Ayrshire’s west coast saw a steady top-end market.

Whilst million pound activity in Scotland’s rural areas did not witness the elevated levels seen in 2021, country house sales in Highland and Argyll saw record numbers. Whereas recorded sales above £1m across the North East were limited, Aberdeen’s sought-after AB15 postcode and Kincardineshire to the south witnessed the most transactions at that level.

Faisal Choudhry, Savills head of residential research in Scotland, said: “Looking ahead, despite increased price sensitivity, sales activity in 2023 so far has been above pre-pandemic levels and going forward will remain underpinned by the value gap, quality of life on offer and the ongoing shortage of well-presented homes in the most sought-after locations.”

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