Rettie Property Research Services

As Summer 2022 ends, analysis by Rettie has highlighted the significant impacts to the Scottish housing market of the Covid-19 pandemic and how the market has recovered after a collapse following lockdown in the Spring 2020.

In 2021, the Scottish market for homes worth over £1m witnessed an unprecedented level of activity. 2021 saw a surge in sales, with 419 homes sales registered, up from a previous high of 289 seen in the 2007 market boom. The total value of £1m+ house sales in Scotland jumped to £583m.

As the pandemic closes in on its second Christmas click here to read our Winter Market Briefing.

Click here for detailed analysis of rental differences between Scotland's two largest cities, Glasgow and Edinburgh.

Click here to read how the rental market in Newcastle is being impacted by the search for outdoor space.

As we emerge from the pandemic lockdown, there can be no doubt that we now live in a changed world. New norms, new approaches to work, new life choices and new priorities. With these changes come new opportunities.

As we emerge from lockdown restrictions and start to enjoy sharing a meal indoors with friends, visiting family members and perhaps dreaming of a foreign holiday, or at least a staycation somewhere in Scotland, the housing market remains the primary preoccupation for many households.

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Rettie have produced an analysis of the £1 million prime residential market in Scotland. Rettie sold over 25% of this market by value in 2020.

The 2020 figures from Citylets have reported the first annual fall in average advertised rents in Edinburgh since 2009, and this has raised concern among some of those involved in the market. However, this downturn is not unexpected and a rebalancing of the Edinburgh rental market will certainly be welcomed by tenants and politicians.

If 2020 was a person, it would definitely be on Santa's naughty list. Depending on your outlook, experiences or political persuasion, we will all have our own list this Christmas of politicians, other public figures, and people that we think either deserves a visit from Santa, or a less welcomed visit from Krampus. But, truth be told, 2020 has been a challenging year for us all.

We proactively continued our engagement with our client database during lockdown to keep them informed of opportunities that would be coming to the market once restrictions were lifted. We have also taken active steps to allow potential buyers to view new build properties in a safe and compliant way. These steps have resulted in a strong return in new build sales since the market reopened in July.