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Sales focused on capital

£1m homes market falls as buyers demand new build

£1m plus home Bearsden

Homes such as this one in Bearsden are marketed for above £1m

Sales of homes worth more than £1 million fell last year with more buyers also opting for new build over older properties.

There was a 4% fall in sales at the top of the market to 159 in 2017 over the previous year, according to data from Rettie & Co.

Edinburgh continued to account for most activity – three quarters of all sales – while the country house market was “subdued”.

There was also a significant shift in demand, with new build properties accounting for 16% of the Edinburgh market in this price bracket, against 6% in 2015.

Rettie found that the £1m plus market in Scotland remains indigenous, with more than 80% of buyers already living in Scotland.

Dr John Boyle, director of research & strategy at Rettie & Co, said: “There have been some significant shifts in the £1m plus market in Scotland in recent times.

“There has been a concentration of such sales in Edinburgh and surrounding areas and new build sales are playing a much bigger role in this market, partly due to the lack of available stock elsewhere.

“The performance of this market is important in a Scottish context, even though it only accounts for 0.2% of all Scottish house sales, it contributes around 7% of LBTT revenues.”

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