Angus has led the way in a Tayside area which has seen prime property sales rocket in the past year, fuelled by demand from Scotland’s oil capital.
Experts say the sale of prestigious homes is outperforming the rest of the residential market in Scotland, and Angus’s close proximity to Aberdeen has seen the district reap the benefit of the busiest 12-month spell in the market since 2007.
New data has revealed that in the last 18 months, one in every five buyers of a prime £400,000 plus Tayside property came from the granite city and included no fewer than nine million-pound plus deals in the year to the end of March.
As the property market recovery spills out from key hotspots to areas such as Tayside, prime transactions have been seen to enjoy a 32% annual increase.
That compared to a 20% rise for the overall market, driven by the hubs of Edinburgh, greater Glasgow and, in the case of Tayside, the Aberdeen area.
The upbeat Courier Country picture was revealed at a Savills Scottish property outlook held in Perth where Faisal Choudhry, the company’s head of research in Scotland, said Angus, Perthshire and Kinross had all benefited from the strength of the Aberdeen market.
He told delegates there had been a 36% annual increase in sales, as well as a return to closing dates.
“There has been a surge in activity in Tayside in recent months”, said Mr Choudhry.
“Around 20% of our buyers across Tayside came from the Aberdeen area with Angus being their favoured location.
Prime values across Scotland are rising, especially in the hotspots of Edinburgh and Glasgow due to the reduction in stock. The rebalancing of supply and demand has begun in the country locations including Tayside where values have stabilised.
Across Scotland, 144 sales over £1 million were recorded in the year ending March 2014, compared to 120 in the preceding 12-month period.
Mr Choudry said the Tayside market is being led by the lower end of the market – up to £500,000 – where values have increased.
Although the upper end of the regional country market, which remains “oversupplied”, is still challenging, there were nine sales above £1million in the region to buyers from as far afield as South Africa.
An increase in mortgage lending and a confidence returning to the market have helped boost sales and overall values in Scotland have shown strong growth so far in 2014.
Ruaraidh Ogilvie, head of Savills Tayside said: “While the Perth and Kinross area is recovering more slowly, Angus has had an exceptional, year with a 33% annual increase in prime transactions.
“Further, Tayside’s future, as an attractive location looks assured with a rising population and regeneration projects.
“Increased residential development in well-connected areas, where supply has been limited, will help drive the market further in the months and years ahead.”