Million-pound home sales decline

Fewer homes are changing hands for more than £1million pounds in Scotland.

The latest statistical report from Registers of Scotland highlights trends at the high end of the property market over the past five years.

The Residential Sales £1m and Over Report reveals that 35% fewer properties topped the £1 million mark last year, compared to 2008. Across Scotland, 141 homes sold for seven figures in 2012.

Edinburgh had the most million-pound residential sales in Scotland, with 53, which is more than double that of any other local authority area. But compared to the peak of the market in 2008, the capital saw 45% fewer high value sales in 2012. Meanwhile, there has been considerable growth in the number of £1m sales in Aberdeen over the five-year period. Last year 20 properties had a seven-figure price tag in the city; twice the number recorded in 2008.

The statistics reveal a significant fall in high value sales in Glasgow. In Scotland’s largest city, the number of properties sold for over £1m has dropped by 82% from 11 in 2008 to just two last year.