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Houses worth over £1m sold in Edinburgh every three days

Sixty per cent of £1m houses sold in Scotland last year were in the capital.

Baberton House: On market for £1.35m.
Baberton House: On market for £1.35m. Savills

New figures show that a house worth over £1m is bought every three days in Edinburgh.

The research from Savills Estate Agencies reveals that 60% of all houses worth £1m or more sold in Scotland are in the capital.

The number of transactions above £1m in Scotland reached 201 during the past 12 months, a 41% rise from the previous year.

Among the luxury homes purchased this year 32 have been new builds.

There was 120 £1m homes sold in Edinburgh over the calendar year to June 2018- representing an increase of 42 from the previous 12 months.

Savills say that more properties are selling above £1m due to the strong house price growth in recent years.

The figures from the past year show Edinburgh as having a higher average house price growth of any major city in the UK.

Some areas of the capital, including Grange, Merchiston and Morningside have had their strongest markets in a decade.

The number of luxury homes sold in these areas have risen from just 16 in the year ending June 2017 to 40 the following year.

Over the last five years there has been a net in-migration of 22,575 people from overseas and 10,839 from the rest of the UK, according to official statistics.

In a study commissioned by the Royal Mail earlier this year, Edinburgh was voted the most attractive UK city in which to live and work.

According to Savills latest research the number of houses sold for more than £250,000 increased from 9,094 five years ago, to a record 19,259 during the year ending June 2018.

However, there was a decline in sales below £200,000.

Savills are now predicting house prices in Scotland to rise by around 17% by 2020, significantly more than the rest of the UK.

Faisal Choudhry, head of Savills Residential Research in Scotland, said: "Whilst London and its surrounding commuter areas have been most effected by current political and economic uncertainty, there remains more confidence in the Scottish markets, where there is capacity for further growth in values.

"We are currently forecasting a 17% increase in Scottish house prices by 2022.

"This compares with 7.1% in London and 14.2% across the UK as a whole."

The Savills Edinburgh City Prime Index grew annually by 7.5% during the second quarter of 2018 due to under supply and growing demand.

He continued: "This was the highest rate among prime regional cities across the country and there is room for further moderate growth given the value gap compared to other university cities, coupled with relatively low supply struggling to satisfy demand."

The official UK House Price Index for Scotland has seen positive annual growth for the last 27 consecutive months.

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