The number of transactions above £1 million reached 201 during the year ending June 2018, up 41% from the 143 during the year ending June 2017.

There were only 13 above £2 million, nine of which were in Edinburgh. The new build market continues to play an important role, making up 32 of the total number.

Edinburgh

Edinburgh’s dominance has grown, representing 60% of the overall total. The annual number increased from 78 during the year ending June 2017 to 120 during the year ending June 2018.

More properties are selling above £1 million due to the strong house price growth in recent years. Some areas have had their strongest markets in a decade. These include the Grange, Merchiston and Morningside areas, where the number increased from just 16 during the year ending June 2017 to 40 during the year ending June 2018. This includes nine new build and the top two in Scotland as a whole.

Comparing the years ending June 2017 and June 2018, the number in Murrayfield increased from 5 to 12. In Stockbridge, transactions went up from 6 to 10 and in the New Town, they increased slightly from 13 to 16.

Greater Glasgow

Across Greater Glasgow, there were 30 transactions during the year ending June 2018, compared to 27 during the previous 12-month period. Within this region, the city area of Glasgow saw transactions double to 10, which was also the same number in Bearsden and Milngavie. Activity elsewhere was limited due to the lack of new build supply that had previously boosted the top end of the market.

Other areas

New build sales in St Andrews made up 10 of the 16 transactions in Fife and the overall 24 in Scotland’s heartland. Elsewhere, there were six in the Borders and in 2018, Aberdeenshire saw its first million pound sale in two years, sold by Savills.