Million pound market

There was a slight rise in transactions above £1 million in Scotland, with 146 sales recorded last year compared to 137 during the previous 12 months. The current level of 146 transactions is 9% below the 10 year annual average of 161 transactions (see Table 2).

CLICK ON IMAGE BELOW TO ENLARGE

Edinburgh, the traditional hub of the million pound market with a 48% share, saw little change at the top end, representing 69 transactions last year compared to 68 during 2013.

The Aberdeen area had 30 sales above £1 million in 2014, which was the highest number ever in this price band in this location. This included the highest sale price of the year in Scotland, a mansion in the prestigious Rubislaw Den South, which sold at the end of last year for £3,070,000.

Sales at £1 million and above in the Greater Glasgow area reached 18 in 2014, which was only one more than the number during 2013. Eight such sales took place in the prime suburbs of Bearsden and Milngavie, which was the highest level in this area since 2008.

There were only seven residential sales at £1 million and above across Tayside last year compared to 11 during 2013.

Among other provincial locations, Fife was most notable, with eight sales recorded in this price band, all of which took place in the St Andrews area, where the 2015 Open Golf tournament is taking place.

Scotland has traditionally had a small market at £2 million and above, with 10 such sales last year, compared with 2,477 in London. Activity dropped off last year as uncertainty over the Referendum deterred buyers from outside. We expect any recovery in this sector of the market to be curtailed by the impact of LBTT and a possible Mansion Tax.

Taken from
Spotlight: Scotland's Prime Residential Property Market - Spring 2015