Big drop in £1m-plus homes in Scotland

Published on Thursday 23 December 2010 13:15

SCOTLAND lost more than 900 property millionaires last year, while more than 12,000 were created across Britain, new figures have shown.

According to website Zoopla.co.uk the number of homes worth 1 million or more in Scotland fell from 7,023 in 2009 to 6,062 last year.

Overall, 2010 saw 12,811 new property millionaires in Britain - the equivalent of 35 every day - taking their ranks to 226,344, or one in 118 homeowners.

At the peak of the market in 2007, one in 97 properties was valued at more than 1m.

Zoopla says the research shows the widening north-south gap has never been so stark. The biggest gains were in London, the south-east and east of England, up by between 11.1 per cent and 14.9 per cent throughout 2010.

But the number of property millionaires in Wales and Yorkshire and the Humber halved over the past 12 months, while Scotland saw a drop of 13.7 per cent.

The average property value in Kensington, London, is 1,599,573, with 52 per cent of 1m-plus properties. Average property values in Edinburgh are 224,686, with the percentage of 1m-plus properties at 0.85 per cent.