Rettie Property Research Services

Scotland’s coastal settlements continue to attract strong demand from homebuyers, with many seaside towns outperforming the national housing market both in price levels and long-term growth. This report examines the performance of Scotland’s coastal housing markets over the past six years, highlighting the dominance of the East Coast and the exceptional desirability of locations such as Elie & Earlsferry, Gullane, Longniddry, St Andrews and North Berwick.

2024 was a record year for £1m+ sales … The overall Scottish residential market has been gently improving in 2024-25 after a tumultuous 18 months in late 2022 and 2023, when the cost-of-living crisis and the infamous UK Mini Budget saw it caught in a swirl of rapidly rising mortgage rates and much market uncertainty.

Spring Briefing 2025 - Set for Steady Growth in 2025. Gradual change is not very exciting, but small improvements stacked together year-on-year can be significant over time.

It has not been a balmy summer, but neither has it been a wash-out. The same can be said for the recent performance of the housing market both in Scotland and in the wider UK, which can best be described as ‘a little tepid’.

Over the last 12 months, 13 of the top 20 settlements in Scotland (ranked in terms of average house price) were located by the coast. Elie and Earlsferry took the number one spot with an average house price of £869,459. Gullane in East Lothian was second, with an average house price of £504,139, while St Andrews came in third, with prices averaging £490,361.

The East Lothian housing market is flourishing, boasting the second highest average house price in Scotland, trailing only behind Edinburgh. This growth, with a notable 2.8% increase in the past year, underscores the area’s appeal with its diverse lifestyle options and excellent transport links to both Edinburgh and London. We discuss in this briefing how these unique lifestyle opportunities have been pivotal in sustaining demand in the local market.

The Perth and Kinross property market has remained resilient through the recent challenging market conditions. The latest average house price figure for Perth and Kinross in Q1 2024 is up 2.3% on the same period last year, against a 0.6% increase seen nationally.

This time last year, the housing market and wider economy had been thrown into turmoil by the UK Government’s Autumn Mini-Budget, with the mortgage payment on the average Scottish house purchase increasing by almost 60%.

As East Lothian locals know, the area is well known for having its own unique microclimate. Rain may be settled over the capital, but a short drive east will often reveal blue skies and a warm breeze. This happy distinction is also true of the East Lothian housing market.

A lot can happen in 9 months … It really is just 9 months since Kwasi Kwarteng introduced his mini-budget in September 2022. The resulting money market panic that seeped into the wider economy, including the housing market, is, of course, a matter of great regret for many.

Did you know? The average house price in the West End* in 2022 was £258,000, 28% higher than the Glasgow average of just over £200,000. *Postcode districts of G3, G11, G12, G13, G14 and G20

Our recent review of Scotland's Land & Buildings Transaction Tax (LBTT) shows that, in 2022/23, LBTT revenue reached a record high in Scotland, driven by a relatively strong sales market and rising prices.