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Sales of Million Pound Homes

There has been a fall in Scotland in the number of sales of houses worth over one million pounds, according to Bank of Scotland. This is in contrast to the rest of Britain, where the number of sales of these properties actually increased.

The Bank of Scotland data shows that the number of million pound house sales in Scotland in the first half of 2016 was a third lower than in the first six months of 2015, falling from 120 in H1 2015 to 81 in H1 2016. This can be compared to the 12% increase seen across the whole of Great Britain for the same period.

However, Scotland did see the highest increase in sales of houses under £1 million, recording a 9% rise from H1 2015 to H1 2016, compared to only 2% for Great Britain as a whole.

Only three Local Authority Districts in Scotland saw an increase in sales of million pound houses during H1 2015 to H1 2016 – Stirling (4), Fife (1) and Moray (1). Although Edinburgh had by far the highest number of million pound home sales in Scotland during H1 of 2016 – 50 sales, equating to 62% of all Scottish million pound sales – this is down 17% compared to H1 of the previous year (60 sales).

All other regions in Great Britain saw sales of million pound houses increase between H1 2015 and H1 2016.  The largest increase – albeit from a very low base – was in the North East of England with a rise of 83% from six sales in H1 2015 to 11 in H1 2016.

The majority of £1 million plus house sales (91%) are in London, the South East and the East of England.  Perhaps unsurprisingly, London makes up the majority – nearly two in three – of all million pound house sales, with the largest national shares in Kensington & Chelsea (546) and Westminster (516).

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