Research article

Top-end market grows – Scotland Residential

Scotland’s million pound market continues to expand with the capital still dominating proceedings

Scotland’s market expansion at the top-end resulted in a record 435 transactions above £1 million during the 12 months ending August 2021, a record for this time period. This includes the highest price ever paid for a residential property in Scotland (a seven-bedroom home in The Grange, Edinburgh), a record that has stood for 14 years. With Edinburgh continuing to dominate this market, some areas have seen more activity than ever before.

Edinburgh dominates

The capital recorded 251 transactions above £1 million, including six of Scotland’s nine above £3 million. The majority of second hand million pound plus activity over the last year was in the inner suburbs of Grange, Morningside and Merchiston. Nearly all of the city’s prime neighbourhoods saw record numbers, with Murrayfield and Trinity standing out. Million pound transactions averaged in the single digits here before the pandemic, but over the last year, Murrayfield saw 30 and Trinity 16.

With six transactions over the last year, Inverleith Row, near the Royal Botanic Garden, was one of the capital’s most active million pound thoroughfares.

Outside Edinburgh, East Lothian’s record 32 transactions were mainly concentrated in North Berwick, Haddington and Gullane.

Greater Glasgow expands

The city area of Glasgow saw a record 34 million pound plus transactions over the last year, mostly in the West End and Park Areas. Here, Kingsborough Gardens and Park Circus recorded nine transactions between them. In the suburbs, the sought-after Whitecraigs area of Giffnock dominated million pound activity in East Renfrewshire. In the north however, a lack of supply has limited top-end activity in Bearsden and Milngavie.

Heartland leads country areas

Scotland’s Heartland saw 40 million pound plus transactions over the last year, spread over a number of towns and villages. Whilst St Andrews dominates Fife, there was a rise in Elie and Earlsferry. Perthshire saw top-end sales in Strathtay, Comrie and Gleneagles, whereas Bridge of Allan, Dunblane and Strathblane contributed to Stirlingshire’s share of the Heartland’s million pound market.

Rest of Scotland

Million pound plus activity in other parts of Scotland, though limited, was at its highest level in over a decade. Significantly, the Aberdeen area saw 14 top-end transactions in the 12 months ending August 2021, the highest annual number for this time period since 2015.

Read the articles within Report: Prime Scotland Residential – Winter 2021 below.

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