NEW research by property firm Rettie has revealed a new annual high of house sales in Scotland at £1 million and over.
506 house sales were in the £1 million+ range in 2023 – up marginally on the 504 figure reported in 2022.
This market remains dominated by Edinburgh, which accounts for 50% of overall sales. However, the west has been catching up, with Glasgow and the rest of the west accounting for 134 £1 million+ sales last year, representing 26% of all sales and up by 39 sales on the previous year.
Simon Rettie, MD, Rettie, said, “Most of the growth in the £1 million plus market has been in Glasgow and the west, while sales in Edinburgh have fallen back by nearly 20%. This has been due to a combination of higher interest rates and buyer confidence, particularly in the super-prime market which we classify as houses over £2 million.
“St Andrews and East Lothian continue to outperform the market with an increasing number of sales over £1m. For 2024, we forecast a gradual improvement in both buyer confidence and the rate of prime sales aligned with a drop in interest rates.”
