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Scotland Soars

18.02.22

Abode2 reports on how the desire to 'escape to the country' has created a boom in the Scottish luxury property market

Sales of £1million-plus homes soar in Scotland as post-lockdown buyers splash the cash on out-of-town luxury lifestyle. Analysis of sales figures show the value of Scotland's million pound plus market increased to £583m last year. This has eclipsed sales value of £400million in 2020 as buyers move out of town to escape cities.

Hotspots for the luxury £1m-plus properties include Edinburgh, north Stirlingshire and east of Loch Lomond. Sales of million-pound Scottish homes have soared to record levels - as post lockdown buyers are more willing to pay for the 'idyllic out-of-town lifestyle'.

The research by property agents Rettie found the pandemic had reshaped many aspects of life, with changing lifestyle aspirations and shifting priorities contributing to the surge.

Experts found that the pandemic reshaped many aspects of life and lead to a departure in the housing market. Its report states: 'The Covid-19 pandemic has reshaped many aspects of life, and the latest figures for the £1m-plus housing market in Scotland reveal yet another departure from trend. Counting only homes registering values over £1m-plus, and excluding the likes of farms, estates, land or commercial buildings, 2021 has seen a staggering jump in sales at the top of the market. Over the course of 2021, there were 419 registered home sales over £1m, which was almost 50 per cent higher than during 2020, which itself was the highest recorded figure since the 2007 market boom. Of these sales, 78 per cent were detached, semi-detached or terraced family homes, an increase from around 72 to 74 per cent in the preceding five years.'

Researchers found that a key trend in the wake of the lockdown in spring 2020 has been the race for space and lifestyle, and the £1m-plus market has been no different.

It adds: 'While the proportion of homes being bought in remote locations has risen, the most significant increase has been in accessible towns and rural regions outside main urban centres. In the post-lockdown market, buyers are more willing to pay for the idyllic out-of-town lifestyle.’

Edinburgh was the 'undisputed king' of the boom, responsible for nearly two thirds of the record tally of 419 properties sold. It topped the previous best of 289 in 2007, the year before the global financial crisis unfolded. Edinburgh was found to be home to nine of Scotland's ten most expensive streets during the analysis with Colinton, Newington, Merchiston and Trinity the most sought-after areas.

Arisaig, in the West Highlands, Forfar, in Angus, Gargunnock, Stirling, and Newburgh, in Fife, were among the areas to see sales of properties worth more than £1m last year. Dr John Boyle, director of research and strategy at Rettie, said: 'People are adjusting how they work and the need to be within relative close proximity to a city is of less importance as many people continue to work remotely from home or in a flexible manner. Country properties have been in strong demand with local, national and international buyers often competing for the same property.'

Managing director Simon Rettie said: 'One response to the post-lockdown world has been people's willingness to consider more rural areas and accessible towns, and the sharp rise in demand for this type of living has caused prices to surge.'

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