£1m+ sales in Scotland beat the Brexit effect | Market Briefing 2018
With Brexit dominating the headlines, and being blamed for weakening housing market sentiment nationally, the Scottish £1m+ market was contrarian in 2018, reporting a 25% increase in activity and recording the highest level of activity in a decade. With over 130 £1m+ sales in Edinburgh, the West Coast seeing such activity increase by over 50%, and even increases in this market in Aberdeen, the statistics may seem surprisingly strong. However, with comparatively positive economic indicators and market fundamentals, combined with the value in the Scottish market, it is understandable why wealth is finding a home in Scotland.
We are delighted to release our Million Pound Report, courtesy of the Rettie & Co. research team, Scotland’s largest dedicated property research department.
- Despite the ongoing Brexit rumblings and fears it is dampening sentiment in the housing market, the £1m sales market in Scotland experienced a 25% rise in activity over 2018.
- Edinburgh accounted for over 60% of these sales and over 100 £1m+ sales occurred in just 5 Edinburgh postcode districts.
- However, other parts of Scotland also showed increasing activity levels, including Glasgow and Aberdeen.
- New build activity continues to have strong presence in the £1m market, accounting for nearly 1 in 5 of all such sales in Scotland.
Mail on Sunday (print)