Monday, 26 October 2021 08:56

Sales of million pound houses double

Sales of million pound houses double Photo: American Advisors Group

The number of million pound houses sold in Scotland over the first six months of this year has more than doubled compared to H1 2014, increasing from 43 properties to 111.

The latest Bank of Scotland Million Pound Property Report found that sales north of the border are up 158%, despite an 11% decrease in the rest of Great Britain.

Edinburgh makes up over half of the million pound sales in Scotland, and has also seen the highest increase in the number of property sales with 42 more in H1 2015 compared to the first six months of 2014. Last year, Edinburgh was the only area in the top ten for Scotland to see a decrease in these property sales, making the latest figures “particularly dramatic.”

East Lothian saw the second-highest sales increase, with seven more than in H1 2014. East Renfrewshire and Glasgow shared the third-highest increase position, with four sales compared to none in H1 2014 – accounting for 4% of overall sales in Scotland.

Aberdeen took 7% of the market, with eight sales in H1 2015 – an increase of two properties on the same period a year previous.

Across the UK there were 5,599 property sales worth at least one million pounds, a decrease from 6,303 in the first half of 2014. London had the majority of these, with 3,703 sales, followed by the south-east of England on 1,037 and the east of England with 403.

Nitesh Patel, economist at Bank of Scotland, said: “The amount of homes in Scotland that have sold for more than a million pounds has more than doubled within a year, which is a stark contract to Great Britain as a whole, which has seen an 11% decrease. Sales south of the border may have been impacted by the new Stamp Duty rates last December; whilst the equivalent Land and Building Transaction Tax came into force for Scottish homebuyers only in April.

“It’s no surprise that Edinburgh had the most million pound sales in Scotland, however four regions went from having no sales last year to three or four this year - East Renfrewshire, Glasgow City, South Ayrshire and South Lanarkshire. Edinburgh, East Lothian and Aberdeen continue to dominate the market share of million pound property sales in Scotland.”

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