How to get more for your million
IT would probably just about buy you a cramped one-bedroom flat in one of London’s poshest boroughs – but a million pounds will still stretch to let you buy a substantial residence in many parts of Scotland. Properties at the upper end of the spectrum were the quickest to crash in the economic downturn that began a decade ago.
Today, however, estate agents are reporting a resurgence in sales of Scottish homes for seven figures as well-heeled buyers get used to higher rates of taxation north of the Border.
Savills says the number of transactions above £1 million reached 201 in the year ending in June.
This was up 41 per cent on the 143 sales during the previous year.
Transactions were boosted by sales in Edinburgh’s South Side, Glasgow City and St Andrews, Fife.
There were only 13 sales above £2 million, nine of which were in Edinburgh.
The new-build market continues to play an important role, making up 32 of the total number.
Faisal Choudhry, head of residential sales research for Savills in Scotland, said Edinburgh is now in great demand from people fleeing high London prices and expats wishing to return to a ‘global’ city.
He added: ‘When I started with Savills in 2004, million-pound homes came in very small numbers.
‘Recent research from Royal Mail identified Edinburgh as the most desirable place to live and work. It is the hub of government, financial services, banking, insurance, computer science, education and tourism. It has become a global city.
‘The capital regularly featured in 47 per cent of Scottish sales above £1 million. Now it’s 60 per cent of sales.’
An Edinburgh property new to the market offers entry to Scotland’s Millionaires’ Club.
This elegant Georgian family house in Windsor Street is the creation of celebrated architect William Playfair, designer of Edinburgh’s eastern New Town.
The property – which includes a brilliantly illuminated cupola in the entrance hallway – combines classic lines with understated interiors which make the most of the scale of the rooms.
The original drawing room has been converted into a master bedroom, complete with three tall sash windows and built-in wardrobes.
Three under-pavement cellars offer massive storage space below the property.