Scottish house price dip means good value buys
SCOTLAND: land of hunting, shooting, fishing…and fortified castles set amid hundreds of acres selling for less than £3m, the cost of a mere flat in certain parts of London.
As Jamie Macnab, of Savills’ Edinburgh office, says: “Someone said to me once that four square miles of London is worth more than the whole of Scotland. And that was ten years ago.”
More than ever, Scotland is looking like a good place to park your money, whether you’re keen on a townhouse in Edinburgh’s New Town, an area that has bucked the decline in Scottish property prices since 2007; a massive pile in Aberdeenshire, or a regal home in Gleneagles.
“Prime London has gone up in value by eight per cent this year,” notes Macnab. “Prime Scotland – defined as property listed at over £400,000 – has declined by about 4.7 per cent over the past 12 months.”
Indeed, Macnab says that in the heady days of 2007, when everyone wanted a bit of kilt-wearing stateliness, Seaton Castle was sold for £5m. This year, Midmar Castle, in rural Aberdeenshire, the equivalent, fetched only £2.9m, the highest value of the year.
Ran Morgan of Knight Frank, which recently produced a report on prime Scottish property, said: “As usual in such tough fiscal conditions, a two tier market develops. The best houses in the best areas continue to fare well. Oil has supported Aberdeenshire with some phenomenal prices paid for town houses in the City. Rural Aberdeenshire within commuting distance of the city has also done well.”
Meanwhile, central Edinburgh continues to do well. Matthew Monroe of Knight Frank says: “Overseas buyers in particular are very much in evidence, particularly from Russia. They clearly see Edinburgh’s prime housing stock as quality and good value.”
But for many people, it’s the prospect of a castle or Hebridean hideout that appeals – and this is what Scotland is fabulous for. Just bear in mind that it takes a certain kind of person to redo houses with ten or more bedrooms. But if you’re that person, now’s the time to strike.
Letterfourie, Buckie, Banffshire
Price: £2.2m
A residential and agricultural estate centred on an important Adam mansion house, Letterfourie is three miles south of the Moray Firth coastline. With four principal reception rooms, five further reception rooms, 11 bedrooms, chapel gardens and outbuildings, you will not be short of space. Contact: Savills on 01356 628628
The White House, Anstruther, Fife
Price: £850,000
Only nine miles from St Andrews, this is a truly charming little 17th century house on the sea, with a music room, five bedrooms, hall and self-contained one bedroom flat. Set in one of the highly sought-after Neuk villages this is one of the most picturesque locations in the area and represents fabulous value. Contact: Knight Frank on 0131 222 9600
Castle Gogar
Price: £3.5m
Immaculately restored seven-bedroom castle six miles from Edinburgh centre. Features Scots Baronial façades. crow step gable with spired roofs a dn corbelled towers either side. It’s thought to date from 1625 when it was built as a traditional L plan castle for John Cowper. Stables, vaulted crypt and sauna also included. Contact: Savills 0131 247 3711
The Arns, Downhill, Luncarty, Perthshire
Price: 325,000
A five-bedroom Perthshire farmhouse, it is believed the house was built around 1650 and was a private residence up until 1784 when it was granted a liquor licence and became a coaching inn. In about 1855 the licence had been lost and the property returned to being a private residence. Contact: Knight Frank on 0131 222 9600