The Scottish Property Podcast

In this episode of the Scottish Property Podcast, the hosts sit down with Andy Haddon, founder of Lost Shore Surf Resort, the £60M surf park development just outside Edinburgh.What started as a bold idea after a visit to a secret surf technology test facility in Spain became one of the most ambitious leisure developments in Scotland.

Today, Lost Shore has been voted Best Surf Park in the World for Customer Experience and Most Innovative Surf Park, competing against nearly 40 surf parks globally.Andy shares the full story behind the project — from early career setbacks and raising the first £40,000, to securing institutional investment and navigating the enormous challenges of building something that had never been done in Scotland before.

This episode is packed with lessons on entrepreneurship, persistence, fundraising, and how a passion project can evolve into a global-scale business.

⭐ Episode Highlights

🌊 From Surf Trip to £60M Development
The idea for Lost Shore started in 2012 when Andy came across an internal email about a surf park feasibility study while working as a surveyor. Curious, he travelled to Spain to see the Wavegarden technology firsthand and realised the concept could work as a commercial surf resort.

📈 Turning £40K into a Multi-Million Pound Project
Andy’s uncle loaned him £40,000 to pay early consultants and feasibility studies. That initial capital eventually helped secure land, planning permission, and early investors — forming the foundation of a £60M development.

🏗 The Power of Property Strategy
Instead of launching straight into development, Andy focused on land strategy first. After securing planning permission, the land’s value increased dramatically — helping attract investors and reduce risk.

💰 Raising Millions from Angel Investors
Andy raised around £3M from 52 angel investors, which funded early planning, engineering, and ground studies. These investors bought into the long-term vision of the project and the potential upside of the land value.

🏦 The Breakthrough Investment
The turning point came in 2021, when Andy secured institutional investment from a Goldman Sachs–managed pension fund through a sale-and-leaseback agreement. This deal unlocked development finance and made the project viable at scale.

⚙️ How the Surf Park Works
Lost Shore uses Wavegarden technology — a lagoon roughly the size of three football pitches powered by 52 engines, capable of producing around 1,000 waves per hour.

In this episode of the Scottish Property Podcast, Fraser Kelly, founder of Kelly Residential, returns to break down the current state of the UK and Scottish property market in early 2026.
The conversation dives into falling mortgage rates, shifting buyer demand, rental market normalisation, and how AI is beginning to reshape property search and estate agency. Fraser also shares key insights on Making Tax Digital and what it means for landlords moving forward.

📊 Economic & Mortgage Market Update
UK inflation has fallen to 3%, signalling easing economic pressure

Unemployment has risen to 5.2%, increasing the likelihood of rate cuts

Strong expectation of a base rate drop from 3.75% to 3.5%

SONIA swap rates are falling, with sub-4% mortgage deals returning

Lenders are becoming more competitive, with lower fees and better products emerging

🏡 Scottish Property Market Performance
Scotland annual price growth: +4.9% (vs UK 2.4%)

Average property price: £191,000

Scotland currently outperforming the UK by more than 2x

Top performing areas:
South Lanarkshire: +10.3%

North Lanarkshire: +9.4%

High-demand locations include:
Motherwell

Glasgow

Paisley

Falkirk

Kirkcaldy

➡️ Demand is shifting toward commuter towns and more affordable areas

👀 Buyer Demand & Market Behaviour
Properties receiving 30–40+ enquiries per listing

First-time buyers are returning but still facing affordability challenges

Offers of 20%+ over Home Report still common in hotspots

Example: A Battlefield flat sold 24% over Home Report

🏠 Rental Market Trends
Average rent in Scotland: £1,021/month

Rental growth slowed to +2.6% (down from 11.7% peak in 2023)

Why demand is cooling:
Fewer international students

Increase in purpose-built student accommodation

More renters transitioning into homeownership

➡️ Key takeaway: The market is normalising, not crashing

🧾 Making Tax Digital (Landlords)
Starts: April 6, 2026

Applies to landlords earning £50,000+ gross rental income

New requirements:
Quarterly reporting to HMRC

Digital accounting software required

Full digital record keeping

⚠️ Likely impact:
Increased costs for smaller landlords

Potential exit of accidental landlords

Further tightening of rental supply

🤖 AI & The Future of Property Search
AI-powered search tools are being integrated into property platforms

Buyers can search using natural language queries

Image recognition and digital staging tools becoming more common

However:
96% of enquiries still come from traditional portals

AI adoption expected to be gradual

💡 Key insight:
Personal branding and trust will become even more important as AI levels the playing field

💡

🔍 Episode Highlights

🛢️ Aberdeen: The Oil Capital Effect
​Aberdeen’s rapid growth in the 70s–80s was driven by oil wealth and international investment
​The city became known as the “Oil Capital of Europe”
​Property prices have always been closely tied to oil jobs, investment, and global markets
📉 The Reality of Market Cycles
​The 1983 crash saw oil fall to $16/barrel
​Homeowners were forced to hand keys back to banks during mass job losses
​Similar downturns have occurred roughly every decade
​Post-2014 crash:
◦£120K flats dropping to £40–50K
◦Thousands of job losses and outward migration
🏠 Brian’s Early Property Wins
​Bought a semi-detached house for £42,000 in 1987
​Sold 3 years later for £61,500 (~50% uplift)
​Built his own home in Cults:
◦Total cost: £135,000
◦Revalued at £175,000 on completion
🧱 Building a Portfolio Later in Life
​Began serious investing around 2020 (age ~60)
​Now owns:
◦17 properties
◦15 Buy-to-Lets
◦2 Serviced Accommodation units
​Recently acquired a 6-unit portfolio block
⚖️ Buy-to-Let vs Serviced Accommodation
​Selling 2 SA units could release ~£40K equity
​That could fund 4–5 Buy-to-Lets
​Estimated returns:
◦BTL: ~£250/month each → ~£15K/year
◦SA: ~£18K/year but less stable
​Key insight: “If your SA is empty, it’s empty. Five BTLs — most are still paying.”
🎯 Investing for the Long Term
​Original goal: replace income and preserve pension
​Now focused on:
◦Building generational wealth
◦Passing assets to his son
◦Using a company structure for tax efficiency

In this episode of the Scottish Property Podcast, we’re joined by Adam Newlands, a 26-year-old accountant who rebuilt his finances and went on to build a 13-property portfolio after losing £30,000 in his early 20s.Adam shares a brutally honest account of how chasing “rent-to-rent” opportunities in England — influenced by online algorithms and high-profile property education — led to financial losses, compliance issues and hard lessons. But instead of quitting, he regrouped, refocused on Aberdeen, and built a sustainable business through deal sourcing and disciplined investing.This is a powerful conversation about resilience, accountability and why local knowledge always beats hype.

🔑 Key Highlights

💼 From Apprenticeship to Investor
Completed a modern apprenticeship with a large chartered accountancy firm in Elgin.

Qualified as an accountant before seriously pursuing property.

Took a different route from the common offshore career path in his hometown.

💸 The £30,000 Lesson
Invested in rent-to-rent service accommodation in Margate and Bath.

Projected £200 nightly rates turned into £90 realities.

Faced significant monthly losses and compliance issues.

Lost approximately £30,000 of personal savings by age 22.

Learned the dangers of relying on online “guru” projections without local knowledge.

🔄 The Pivot
Sought local, in-person education in Aberdeen.

Prioritised community and accountability over remote training.

Switched focus to deal sourcing to generate upfront capital.

🏘️ Aberdeen Opportunity
Identified strong opportunities in the Aberdeen flat market.

Secured their first profitable deal on Jasmine Terrace for a £1,500 fee.

Built momentum by finding credible deals first — then matching them with clients.

🚀 Portfolio Growth
Reinvested profits strategically.

Built to 13 properties by age 26.

Used early failure as fuel rather than an excuse to quit.

In this episode of the Scottish Property Podcast, Nick and Steven sit down with Scott Miller, founder of Miller Estate Agents, for a no-holds-barred conversation about the reality of the estate agency industry, how it’s changing, and what sellers and buyers should actually be paying attention to.
Scott shares his journey from dropping out of university, to cutting his teeth in a corporate agency environment, becoming a top performer at Purplebricks, and eventually walking away from six-figure earnings to launch his own independent agency built around trust, service, and transparency.
This episode pulls back the curtain on the parts of estate agency most people never see — from upsells and awards, to commission pressure, portals, and the growing role of AI.
Scott explains how he entered the industry after leaving university, starting out at a family law firm–linked estate agency.
Over four years, he learned prospecting, valuations, and negotiation in a highly corporate environment — gaining volume experience but also seeing the limitations of the model.

🎙️ Episode Highlights:

🚪 Breaking Into Estate Agency
Joining Purplebricks in 2017, Scott arrived during its peak as a major industry disruptor.
At just 27 years old, he was earning over £130,000 per year, handling extreme volume:
70–80 valuations per month

50–60 live sales

Supported by a wider team

However, the business model shifted — moving from a self-employed, high-reward structure to a salaried employed model with reduced earning potential, prompting Scott to reassess his future.

🚀 The Purplebricks Years
Scott made the leap to start Miller Estate Agents on just two weeks’ notice.
His approach was intentionally different:
A personal agency model

Only 6–10 clients per month

Direct contact with Scott from valuation to completion

🏗️ Launching Miller Estate Agents
The goal was simple: deliver a better service by avoiding volume overload.
Scott lifts the lid on industry practices many sellers aren’t aware of:
Some corporate firms make more profit from mortgage referrals than from selling homes

This can create conflicts of interest when advising buyers and sellers

Commission pressure can lead to overpricing just to win instructions

⚠️ The Shadier Side of Corporate Estate Agency
Scott is openly critical of industry awards where agents must pay thousands for tables and sponsorship to “win”.
He describes them as:
Misleading marketing

A racket that doesn’t reflect real service quality

Designed to impress consumers who don’t know how they work

Scott argues the industry needs stronger regulation:
To stop underqualified people entering estate agency

To prevent agents racing to the bottom on fees

To protect consumers from poor advice and service

🤖 The Future of Property & AI
Looking ahead, Scott discusses how AI could reshape property search, potentially allowing buyers to search across all agent websites using detailed criteria — reducing reliance on portals like Rightmove.
That said, he’s clear: agents still need to be where the buyers are, and for now, that means the major portals — with social media acting as a powerful supporting tool, not a replacement.