There have been some significant shifts in the £1m plus market in Scotland in recent times. We have observed a concentration of such sales in Edinburgh and surrounding areas and new build sales are playing a much bigger role in this market, partly due to the lack of available stock elsewhere.
The performance of this market is important in a Scottish context, even though it only accounts for 0.2% of all Scottish house sales, it contributes around 7% of LBTT revenues.
We are delighted to release our annual £1m+ market review, courtesy of the Rettie research team, Scotland’s largest dedicated property research team.
Key Findings
- The Scottish £1m plus market fell overall in 2017, with 159 such sales, a drop of 4% on the 2016 total.While the market in Scotland’s North East and for country houses remained subdued in 2017, the market in Edinburgh and its surrounding areas improved, with Edinburgh and its hinterland accounting for around three-quarters of the country’s 2017 £1m plus sales.
- While the market in Scotland’s North East and for country houses remained subdued in 2017, the market in Edinburgh and its surrounding areas improved, with Edinburgh and its hinterland accounting for around three-quarters of the country’s 2017 £1m plus sales.
- There was also a significant shift in the proportion of £1m plus sales that are new build properties, with new build sales accounting for 16% of the Edinburgh £1m plus market in 2017, up from just 6% in 2015.
- The £1m plus market in Scotland remains indigenous, with over 80% of buyers already living in Scotland.