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Fall in million pound homes sales

The number of home sales worth at least a million pounds has declined to its lowest level since 2010, according to new research by Bank of Scotland.

There were 51 million pound property sales in Scotland in the first half of 2012; the smallest total since the first half of 2010 (49) and 15% lower than in the same period in 2011 (60). Across Great Britain, million pound property sales have fallen by 11% over the past year.

Million pound sales continue to account for a minor part of the Scottish housing market, representing just 0.2% of total sales in the first half of the year. Million pound sales account for only 1.0% of all sales in Great Britain.

Bank of Scotland estimates that there are around 2,523 homes in Scotland worth at least one million pounds.

The 15% decline in Scottish million pound home sales in the first half of the year was in contrast to the 9% market-wide rise in property sales over the period. This is a reversal of the trend in 2011 when sales of million pound properties (22%), significantly outperformed the rest of the market (-12%).

Nitesh Patel, Bank of Scotland Housing Economist, said:

“The number of homes sold for over £1 million has fallen over the past year, partly reflecting the changing market conditions for those looking to buy such properties. However, despite this, demand from wealthy cash rich buyers both in Scotland and further afield, plus the limited supply of such homes, is likely to help support activity at the very top end of the property market.”