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Increase in Sales of Million Pound Homes

Sales Across Scotland and the Rest of Britain

According to recent analysis by Bank of Scotland, there was a 4% increase in the number of properties selling for more than a million pounds in 2017 compared to the previous year. In total, 158 properties sold for over £1 million during the year.

The analysis reveals that this 4% increase is slightly lower than the 5% growth seen across Great Britain as a whole. However it marks a substantial uplift from the first half of 2017, which saw sales fall by 35% in Scotland, compared to a drop of 1% for the rest of Great Britain.

Over the past five years, sales of million pound homes have increased substantially in Scotland (39%), however they are still significantly lower than those recorded before the financial crisis; in 2007, there were 222 transactions recorded, marking a 29% drop over the last ten years.

Across Britain as a whole, the number of million pound house sales across Great Britain has increased even more dramatically over the past ten years - up by almost three quarters (73%) since 2007, according to figures from Lloyds Bank. This hasn’t been steady though; 2012 saw a particularly poor year for sales, with only 7,862 transactions.

Regional Analysis

Sales in Edinburgh accounted for almost two thirds (64%) of those in Scotland overall, with 101 sold. This was the third highest number outside of London and the South East of England in 2017.

After Edinburgh, the highest number of Scottish sales were in East Lothian (10), followed by Glasgow (9) and East Dunbartonshire (7). South Lanarkshire saw a biggest year-on-year decline of million pound properties, (-73%), dropping from 11 properties sold in 2016, to three in 2017.

Comparing Scotland’s million pound home sales to the rest of the Great Britain, just 1% of all sales took place north of the border, compared to 57% in London and 23% in the South East of England.

Signs of Increasing Confidence

“It was a year of two halves for the million pound property market in Scotland, which got off to a very poor start in 2017 before making a strong recovery in the latter part of the year,” commented Donald Gateley, Head of Bank of Scotland Private Banking. “It seems that high-end homeowners and investors in Scotland are starting to regain their confidence in the market, despite factors such as the Land and Buildings Transaction Tax and the ongoing uncertainty around Brexit.”

“While things are now looking more positive, particularly in Edinburgh, transactions are still lower than they were a decade ago in Scotland, which is in contrast to the rest of Great Britain,” he said. “Last year’s growth indicates a move in the right direction and over the next 12 months we will see if the confidence shown in the latter half of 2017 continues.”

“The market isn’t only made up of buyers, however,” he added. “There are thousands of homeowners occupying million pound properties across the country, many of whom may be considering downsizing, relocating or extending their existing homes. We would always urge anyone to seek advice about the most appropriate options available to them to transition property wealth into other assets or pass onto family members.”

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For expert legal advice on buying or selling properties in Scotland then contact our specialist property lawyers today.

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