Million pound market

There was a jump in transactions at the top end of the market above £1 million in Scotland, with 144 sales recorded in the year ending March 2014, compared to 120 during the previous 12-month period (Graph 2). The current level of 144 transactions is only 6% below the 10-year annual average of 154 transactions.

At 46%, the majority of activity in the price band took place in Edinburgh, representing 66 transactions. Non-Scottish buyers made up 30% of this market, compared to 24% in the previous 12-month period. The majority of non-Scottish million pound buyers last year came from London, with overseas purchasers mainly coming from other parts of Europe, the US and the Middle East.

Million pound activity in Tayside makes up a small proportion of the Scottish market, with nine sales recorded in the year ending March 2014, compared to five in the previous 12-month period. Savills was involved in six of the nine recent sales, including Lundie Castle in Angus which sold in excess of £1.8 million in April 2013. Ethie Castle, near Arbroath was sold earlier this year at offer at offers over £1.5 million while Turin House, near Forfar (offers over £1.1 million) is currently under offer, having attracted buyers from as far afield as South Africa, as well as Edinburgh, Aberdeen and more locally.

We expect the million pound market across Tayside to continue to benefit from the successful market in the Aberdeen area, where such sales increased by 100% over the last five years.

Click the below image to enlarge

Taken from
Spotlight: Tayside Residential Market