£1 million-plus property sales at highest level in a decade

Sales of Scottish properties worth more than £1 million have rocketed in the past year to the highest level of activity in the housing market segment in a decade.

Sales of 1m homes are booming.
Sales of 1m homes are booming.

The annual study by high-end estate agent Rettie found that more than £130 million of transactions took place in Edinburgh, which remains the capital of the nation’s £1 million plus market with more than 60 per cent of sales.

The capital's.New Town and Southside are at the top of the 2018 postcodes table, with Bearsden and Glasgow’s West End also making it into the top 10 in terms of £1m-plus sales.

The west of Scotland saw a sharp increase in activity during 2018, up by around 50 per cent, while Aberdeen, after experiencing a collapse in activity, has seen an upturn in high-end sales in 2018.

The report said that while still 40 per cent down on 2015 levels, this is a positive sign for the market, which is being driven by new build detached family homes in and around the city.

New build homes made up almost one in five of all £1 million plus sales secured in 2018 at 18 per cent and take the two top spots of the £1m-plus addresses in Scotland.

John Boyle, director of research and strategy at Rettie & Co, said: “The findings for 2018 show the largest increases in the West of Scotland, although Edinburgh and the Lothians still represent the greatest critical mass. Notably, Aberdeen rebounded last year after a collapse in activity in recent years due to its economic difficulties.

"Overall, what is clear is that comparatively positive economic indicators and market fundamentals mean Scotland continues to attract wealth into the top end of the housing market.”