Scotland’s housing boom has sparked an influx of cash-rich second homeowners, turning Glasgow and Edinburgh into global cities, according to a new study.
With properties languishing on the market in some parts of England often for several months, forcing owners to offer substantial discounts, buyers of high-end properties are flocking north of the border, with Glasgow and Lanarkshire high on their list of desirable locations.
The trend is boosting the top end of the market with the number of £1million plus properties rising by 21% in the last year.
Some of Scotland’s most valuable homes are in the G12 postcode, the area around Glasgow’s botanic gardens, but new entries have emerged in areas of Lanarkshire.
Castle Avenue, Uddingston is now the third most expensive street in Glasgow, with the average property worth £1.093million. Woodhead Drive, in Bothwell, is a new entry in the top 10 most expensive Glasgow streets with an average house price of just over £1 million (£1.092 million).
Sought-after locations further afield include St Andrews, which attracts high net worth golfers from around the world. The seaside town, with its elegant slate-grey villas, has long been a point of pilgrimage for wealthy Americans and Europeans – a virtue of being home to the Old Course, an immaculate stretch of green where golf has been played since the 15th century.
Archie Love, Director of Scottish Property Centre Motherwell, said Glasgow and Lanarkshire are now attracting wealthy second homeowners looking for a bolthole with easy access to the Scottish Highlands.
“American buyers have been attracted by a higher value dollar compared with the pound, but another major game changer is the improvement to the country’s transport links,” he said.
The appeal of being able to jet in from anywhere in the world and quickly be in Scotland’s beautiful countryside and coastal areas has attracted celebrities including Bob Dylan, Tilda Swinton and Billy Connolly.
“Glasgow has gone from a regional hub to a global city where you can live while travelling the world with your job. The city now has direct air links across North America and the Middle East and the new £150 million fleet of Caledonian Sleeper trains, described as ‘hotels on wheels’, conveniently connects the central belt with London,” said Mr Love.
Central Scotland has also been tipped as a great investment for those after capital appreciation with average house prices predicted to rise by 14% over the next two years.
Scotland’s 20 most expensive streets
Golf Place, St Andrews - £1.877 million
Northumberland Street, Edinburgh - £1.687 million
Regent Terrace, Edinburgh - £1.613 million
Napier Road, Edinburgh - £1.541 million
Ann Street, Edinburgh - £1.405 million
Heriot Row, Edinburgh - £1.336 million
Oakhill Grange, Aberdeen - £1.276 million
Wester Coates Gardens, Edinburgh - £1.243 million
Saxe Coburg Place, Edinburgh - £1,213m
Danube Street, Edinburgh - £1.184 million
Rubislaw Den South, Aberdeen - £1.171 million
Kingsborough Gardens, Glasgow - £1.140 million
Corrennie Gardens, Edinburgh - £1.137 million
Manse Road, Glasgow - £1.123 million
Brigghouse Park Rigg, Edinburgh - £1.113 million
Garscube Terrace, Edinburgh - £1.095 million
Castle Avenue, Uddingston - £1.093 million
Warriston Crescent, Edinburgh - £1.093 million
Woodhead Drive, Bothwell - £1.092 million
The Scores, St Andrews - £1.092 million