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Million pound home sales fall

Million pound property sales have fallen to their lowest level since 2009, according to research by Bank of Scotland.

There were 132 property sales worth at least one million pounds in Scotland in 2011, a fall of 11% from 148 in 2010. This is the lowest number of sales since 2009 and more than double the percentage decline across the UK as a whole (-5%). In total, there are now an estimated 3,000 homes in Scotland worth at least one million pounds.

The 11% fall in million pound property sales in 2011 was almost double the fall in sales across the rest of the housing market. Overall, total home sales in Scotland fell by 6% from 74,747 in 2010 to 70,035 in 2011.

In Edinburgh in 2011, 61 homes were sold for at least one million pounds, accounting for 46% of all million pound sales in Scotland. This was substantially higher than anywhere else in Scotland and the second highest in Britain outside of the South East of England and London. Aberdeen City (13) recorded the second highest number of million pound sales in Scotland, followed by Glasgow (8).

Over the past year, Edinburgh (-13%) was the only one of these three Scottish cities to see a fall in million pound sales. Aberdeenshire and East Renfrewshire were among the other areas to experience a decrease in sales in Scotland.