Booming Edinburgh sees surge in £1m+ home sales
Top notch: luxury homes continue to sell in Edinburgh
Edinburgh’s booming property market led to a surge in the number of properties in Scotland selling for a million pounds or more.
Sales in the seven figure bracket rocketed by 21% in the first half of this year, with a 41% (18) rise in Edinburgh, accounting for 66% of the Scottish total. This compared to a rise of just 5% across Britain.
Other areas of growth were in East Lothian, where five homes were sold in (one in H1 2018), and Aberdeen, where four homes were sold for more than £1m in H1 2019 (two in H1 of 2018).
Louise Santaana, Head of Private Banking, Bank of Scotland said: “Whilst the high-value property boom the UK experienced over the last decade has slowed over the past 12 months, sales of million-pound homes in Scotland have continued to increase, with the most transactions taking place in Edinburgh.
“The Scottish capital continues to be a sought-after destination for those looking to invest in million-pound houses.”
Of the 94 million-pound properties sold in Scotland in the first half of 2019, only 32 were sold outside of Edinburgh, demonstrating the importance of the nation’s capital to the high-end housing market.
Despite overall growth across Scotland, several areas saw lower sales including Glasgow City, with just two houses sold in H1 2019 against five in H1 2018 (-60%), and Fife where eight homes were sold in H1 2018 as opposed to just four homes in H1 2019 (-50%).
The number of properties that sold for over £1m in East Dunbartonshire also halved from six to three, and East Renfrewshire experienced a drop from three to two.