Prime time for £1m+ Edinburgh homes

Savills latest residential research reveals the growing strength of the super prime market in Scotland.

Edinburgh had its highest ever number of residential transactions at £1 million and above from January to December 2019 with 196 sales, 35% more than 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 £2 million and above last year across Scotland, including eight over £3 million.

This compares with six at £2 million and above in 2018 when there were none over £3 million. At £3.65 million, 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”.

Not suprisingly the capital city regularly features in the most expensive street in Scotland rankings with Ann Street,

Danube Street, Heriot Row and Northumberland Street all typical New Town addresses where average prices are well in excess of £1 million.

According to Bank of Scotland research 12 of Scotland's 20 most expensive streets are in Edinburgh, four in Glasgow and two in Aberdeen.