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Figures Reveal Dip in Prime Property Market

The prime property section of the Scottish housing market has seen a sharp decline in property sales, according to new research from Bank of Scotland

The figures show that the number of houses in Scotland sold for over a million pounds fell by over a third (35%) in the first half of 2017 compared to the same period in 2016. A total of 53 homes were sold for at least a million pounds in in the first half of 2017, compared to 81 over the same period a year earlier.

Edinburgh saw the biggest fall in million pound homes sales in Scotland, with 19 (38%) fewer in H1 2017 compared to the same period last year. The capital accounts for over half of all million pound property sales in the country.

In Great Britain as a whole there was a small dip (-1%) in the number of million pound house sales during the first six months of 2017, in contrast to the same period in 2016.

“Whilst sales of million pound properties across Great Britain have experienced a small dip, this has been more acute in Scotland due to fewer homes in this category,” commented Donald Gateley, Head of Private Banking – Scotland.

“There are a number of factors at play here, with uncertainty in the market, interest rates and economic stability all having a bearing on people’s appetite to buy and sell high-end properties,” he added. “With the Office for Budget Responsibility revising down forecasts for house prices and housing transactions we expect this slowing to continue in Scotland into the new year.”

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If you are looking to buy or sell property in Scotland then contact our expert property and conveyancing solicitors today.

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