A record number of homes in Scotland were sold for more than £1 million last year as cash-rich buyers flooded the market.

The new tally of 504 transactions above the landmark price surpasses the 419 sales in 2021, which, in turn, smashed the previous high point.

Just two years ago there were a record 280 £1m+ sales in Scotland, meaning the Scottish £1m+ market has risen by 80% in two years.

Simon Rettie, managing director, Rettie & Co. said: “2022 saw another surge in the number of prime residential transactions throughout Scotland.

“We are now seeing a pattern emerge where £1m+ houses are spreading more widely from the previous core areas of Edinburgh and Glasgow with St Andrews and East Lothian showing strong gains as they remain very desirable places to live with a limited number of prime houses coming to market.”

KEY FINDINGS

1. Record level
   With 504 sales, the size of the £1m+ market has risen 80% in the past 2 years.
2. A fiscal drag race
   House price inflation has pulled over 130 transactions into the £1m+ bracket in the past year.
3. New demand, new £1m+ areas
   The St. Andrews area delivered 17 £1m+ sales in 2022, including a sale at over £2,000/sqft, with the market now expanded into surrounding areas.
4. The rise of the suburbs
   Despite the recent pandemic related demand for rural living, the majority of the £1m+ market remains in urban areas, with the EH10 postcode now showing the most £1m+ sales in Scotland.
5. Concentration on the east
   Over 2/3rds (68%) of the £1m+ sales in 2022 were in Edinburgh & Lothians, spurred in part by new development in the city.