US buyers now represent 4% of total transactions recorded by real estate firm Savills, up from 1% in 2019. Agents report a sustained surge in buying from Americans, particularly at the top of the market. Interest really picked up after the pound plunged last year to near parity with the US dollar—the weakest on record. The UK currency has recovered, but property interest remains, agents say.
Sales of homes priced above £1 million have been on a tear since the pandemic, spurred by Edinburgh’s urban amenities and easy access to the countryside and such popular green spaces as Holyrood Park and Arthur’s Seat. From March 2020 to June 2023, the average price of a home selling at £2 million and above rose 32.6%, according to Knight Frank. Recently, however, prices have edged down, falling 1.1% on an annual basis in Edinburgh, according to Knight Frank.
“Some well-connected Americans are already members of high-profile golf clubs in Scotland and are buying houses for when they can have time to start playing the links here more regularly,” Rettie says. Americans also like that the housing stock includes castles whose histories far outdate anything in the US.
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