Scotland's £1m+ Market - Briefing February 2022
In 2021, the Scottish market for homes worth over £1m witnessed an unprecedented level of activity. The number of £1m+ house sales jumped to over 400, up from a previous high of 289 seen in the 2007 market boom. This level of activity was almost 50% higher than the already buoyant 2020 market and saw the total value of £1m+ house sales in Scotland jump from just over £400m in 2020 to £583m in 2021.
2021 saw a surge in £1m+ house sales, with 419 homes sales registered.
The average £1m+ house sale price in Scotland in 2021.
The total value of £1m+ house sales in Scotland jumped to £583m.
The Covid-19 pandemic has reshaped many aspects of life, and the latest figures for the £1m+ housing market in Scotland reveal yet another departure from trend. Counting only homes registering values over £1m+, and excluding the likes of farms, estates, land or commercial buildings, 2021 has seen a staggering jump in sales at the top of the market. Over the course of 2021, there were 419 registered home sales over £1m, which was almost 50% higher than during 2020, which itself was the highest recorded figure since the 2007 market boom.
In terms of values, the average £1m+ house sale in 2021 was £1,392,000, down slightly from values of over £1.4m in the preceding 3 years. This has been due to the volume of units now breaking through the £1m threshold. House price inflation across the market has seen the number of homes selling just £50k over the £1m+ threshold increase by 85% from 2020 to 2021, rising from 12% of the £1m+ market to 15%
A key trend in the wake of the lockdown in Spring 2020 has been the race for space and lifestyle, and the £1m+ market has been no different.
Analysis of sales shows that the proportion of £1m+ homes being bought in urban areas has fallen from 83% in 2019 to 76% in 2020 and 2021. While the proportion of homes being bought in remote locations has risen, the most significant increase has been in accessible towns and rural regions outside main urban centres. This includes north of Stirling, east of Loch Lomond, in and around Newton Mearns, Melrose, East Lothian and the East Neuk. All these destinations offer high quality lifestyle and houses, while maintaining connectivity with Scotland’s main economic centres.