The New Landed Gentry

This Land is Your Land as the song goes - But only if you have the odd million or two spare .

For the first time in Scotland , plots of development land for single houses have been sold for £1million. Property experts estimate that the buyers will spend at least another £1million building a house on it .

It's , of course , Location , Location , Location - Two people have already paid more than £1million each for their separate plots of land in the 850-acre Gleneagles Hotel and golf resort , three other properties are currently under offer and wealthy people from all over the world are said to be lining up to make offers for the nine remaining plots, which are on sale from £850,000 and vary in size from 0.55 to 0.86 of an acre.

When completed, the 14 properties and land within the private gated development, to be known as The Queen's Crescent, will be worth in excess of £30million . Buyers of the plots also receive two years' free golf membership for two at Gleneagles, which would cost a total of £7800 and a free two-year membership for four people to the hotel's health spa which costs £4000.

"Uniquely for a development of this type, we will be providing a concierge who will live in the gate lodge " George Graham, development director at Gleneagles said , whose job-description no doubt will include tipping his hat to these new lairds as they pass by .

Last year it was estimated that the average cost of an acre of building land to developers in Edinburgh was around £6million and in Glasgow, around £4million.
A one-acre site can usually hold up to 60 homes of various sizes and with some penthouse suites in the centre of Edinburgh selling for up to £1.5million there are still big profits to be made.

And now you know why your kids can't get a foot-hold on the bottom rung of the property ladder .