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Number of £1m homes soars over 100 mark

 © The Herald
Originally published: 24.08.2006

The number of seven-figure homes in Scotland has pushed through the 100-mark for the first time.

In the year to the end of June 2006, there were 131,500 houses on sale across Scotland, compared with 117,000 in the previous months. Of these, properties in excess of the million-pound mark rose from 73 in the year to June 2005, to 114 in the year to June 2006. The latest figures are contained in the land registry, which shows prices in Scotland continue to rise unlike the English market which has experienced a slowdown. The 56% rise in the number of Scottish homes valued over £1m compares favourably with a corresponding rise of 58% in England and Wales - where million-pound properties are more common.

In 2003, there were no properties sold for more than £1m in Glasgow while in Edinburgh there were 31. A year later, the respective figures for the cities were two and 25, and last year eight million-plus properties were sold in Glasgow and 51 in Edinburgh. With a price of more than £3m, Barnton Avenue, in Edinburgh, was the most expensive property sale, according to figures compiled by House Price Reports.

The top 50 most expensive sales, which range from £1.5m upwards, are dominated by Edinburgh and its outskirts, including North Berwick and Gullane. The rest is mainly spread across the central belt, although exceptions include Perth, where Belcraig House was sold for £1.55m by Ann Gloag, the Stagecoach tycoon.

Jamie McNab, of Savills Edinburgh, said: "The difference is down to wealth and confidence and competition. Edinburgh has a smaller population but a bigger financial sector so there probably is more wealth in Edinburgh. Then there is the political bias of the parliament being in the capital."