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Key stat shows it has got a lot more expensive to buy Scottish property

Tom Belger
Finance and policy reporter
Royal Circus in Edinburgh as Scotland luxury property sales have increased. Photo: Richard Baker/In Pictures via Getty Images

Sales of properties worth more than a million pounds have soared in Scotland by 21% in a year, new figures suggest.

Two-thirds of the more expensive homes sold were in Edinburgh, where prices skyrocketed by 41% in the first half of 2019 compared to a year earlier.

The Scottish capital “continues to be a sought-after destination for those looking to invest in million-pound houses,” according to Louise Santaana, head of private banking at the Bank of Scotland, which released the figures.

Recent official data also shows average property prices rising faster in Scotland than across the rest of the UK.

The average home in Scotland rose 2.4% in value in the year to September, compared to 1.3% across the UK, according to separate data from Registers of Scotland.

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But the actual number of properties breaking through the million-pound mark remains slim across Scotland.

62 were sold in the first half the year in Edinburgh, and just two were sold in Glasgow - a decline from the five sold a year earlier.

East Lothian also saw growth in million-pound sales from one in the first half of 2018 to five in the first half of this year.

Aberdeen million-pound sales rose from two to four.

Santaana said: “Whilst the high-value property boom the UK experienced over the last decade has slowed over the past 12 months, sales of million-pound homes in Scotland have continued to increase, with the most transactions taking place in Edinburgh.”

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