Residential super prime market expands in Scotland

New residential research from Savills has revealed the growing strength of the super prime market in Scotland.

Residential super prime market expands in Scotland

Edinburgh saw its highest ever number of residential transactions at £1 million and above from January to December 2019 with 196 sales, 35% more than the previous high of 145 in 2007 and a rise of 53% compared to 2018. There were 287 sales at this level across Scotland, just three less than the all-time record of 2007.

There were 15 transactions at £2m and above last year across Scotland, including eight over £3m. This compares with six at £2m and above in 2018 when there were none over £3m. At £3.65m, Kincairney House in Perthshire was the most expensive Scottish sale last year.

Savills research reveals an increase in the number of Scottish buyers, but also in the numbers buying from outside Scotland, including all over the UK, Australia, Japan and the USA.

Savills own sales led the super prime market in Scotland last year.

Research director Faisal Choudhry said: “Edinburgh’s dominance of Scotland’s prime market has grown in recent years, supported by an expanding economy and people moving here from outside Scotland. Price growth in the capital has also pushed many transactions into this price band.

“Despite this, Edinburgh remains relatively affordable compared to other university cities in the UK, with more capacity for price growth underpinned by continuing economic and population expansion, with a surplus of motivated buyers”.

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