We’ll get a slice of millionaire shortbread . . . eventually

roperty crisis, what property crisis? According to a report (which admittedly comes from selling agents with something of an interest in promoting the property business) international cash-rich buyers are helping fuel the sale of prime residential properties costing £1 million or above in Scotland.

These wealthy individuals who come from North America, the Far and Middle East are snapping up Georgian houses in Edinburgh’s New Town, grand properties near the home of golf in St Andrews and glorious Highland sporting estates.

Scots finding it difficult to sell a house, or who have discovered it is not worth what they hoped, or who are struggling to get on the property ladder will be delighted the agent’s head of research believes Scotland has a reputation as a “safe” investment because £1m goes “a long, long way”. But before readers who despair of the housing market ever reviving wonder if the only answer is to emigrate, perhaps buying the houses in the country where these buyers have come from, there is hope.

David Lonsdale of CBI Scotland says these buoyant sales indicate confidence is returning to the housing market which will permeate down in due course. Thanks a million, David.