Million pound Scotland properties hit a record high
October 24, 2011 Leave a comment
A new property report indicated that the sale of million pound Scotland properties have hit a record high. The number of houses sold which a value of over one million pounds has increased dramatically since 2008. In comparison to 49 million pound properties sold in 2010, there has been an increase of 10% over the past year.
This has been a stark contrast to the 12% fall in UK residential housing sales. The million pound property market has clearly outperformed the majority market. However nonetheless this niche property segment of million pound properties made up on a small fraction of 0.2% of all property sales in Scotland in the first half of the year. Overall nationwide the million pound property sales make up a total of 1, 1% of all sales in the UK market.
On the other hand, the study shows that a total of 43% of all million pound Scottish properties were sold in the city of Edinburgh. The increasing popularity of the city with international and national investors means that 26 million pound properties were sold in the first two quarters of the 2011 calendar year. The city also has the highest amount of million pound properties outside the southern part of England. Primarily the London area picks up almost 66% of all million pound property sales nationwide.