There were 231 million pound transactions during the 12 months ending June 2019, including 19 above £2m in Scotland. These are the highest annual numbers since the 12 months ending June 2008. Whereas 2018 saw no transactions above £3m, there were two in the first six months of 2019.

If these figures are not impressive enough, further growth in Scotland’s million pound market seems assured as there are a number of deals yet to be recorded. Strong demand at the top end of the market is further evidenced by a 9% rise in the number of buyers during 2019 that have registered with Savills in Scotland to buy a property at £1m and above.

Edinburgh

Edinburgh accounts for two-thirds of Scotland’s million pound market and almost 80% of transactions over £2m. The inner suburbs of Grange, Morningside and Merchiston are the hubs of Edinburgh’s million pound market. They have accounted for 48 transactions in the last year, eight more than the previous year.

Murrayfield and the area around Belgrave Crescent and Buckingham Terrace have also seen million pound transactions jump (from 14 to 27). Supported by new build activity at Donaldson’s, this means these areas saw more million pound transactions than the New Town and West End, where sales have recovered since the introduction of LBTT*. Despite having limited opportunities at the top end, million pound activity in Edinburgh’s New Town and West End reached the level last seen during the peak of the market in 2008.

_{*Land and Buildings Transaction Tax}

Greater Glasgow

Despite strong demand, by contrast, million pound transactions in Greater Glasgow fell slightly from 29 to 26 over the past year. Slight falls in the number of sales in the city, Bearsden and Milngavie reflect a shortage of stock available to meet demand. This is further compounded by a lack of downsizing options for some sellers at the top end.

Aberdeen area

Encouragingly there were 11 transactions at £1m and above in the Aberdeen area, the highest number for three years. The increase mainly took place in Aberdeen’s West End and the affluent suburbs of Cults, Bieldside and Milltimber.

Regional locations

Elsewhere in Scotland, the Lothians saw 12 million pound transactions and there were also 10 in Fife, in St Andrews and the East Neuk. Perthshire and Stirlingshire also saw slight improvements in their respective markets. Argyll and North Ayrshire both saw their first million pound transactions in two years.

By contrast, the Borders and Highland witnessed just one million pound transaction each over the last year, compared to six and four in the previous year respectively. This reflects the fickle nature of the million pound market in rural locations (mainly driven by overseas buyers), where demand is discretionary.

_{Read the articles within Spotlight: Scotland Residential below.}