Edinburgh bucks decline in £1m-plus home sales

0 Sales of £1m-plus homes in Edinburgh rose 8% last year, but Aberdeen suffered a 44% slump The number of house sales valued at £1 million and above dropped 6 per cent last year, according to data from property group Rettie & Co.

However, while Aberdeen witnessed a 44 per cent slump in transactions at the top end of the market and Glasgow was broadly unchanged, Edinburgh recorded an 8 per cent rise in £1m-plus sales.

The capital accounted for 56 per cent of the 166 sevenfigure deals north of the Border. That was up from 49 per cent in 2015, while overseas buyers made up 13 per cent of the overall premium market, worth an estimated £228m across Scotland, as they took advantage of the pound’s slide.

Andrew Meehan, senior researcher at Rettie & Co, said: “In spite of an uncertain political backdrop and economyrelated concerns, the market for £1m-plus homes in Scotland proved its resilience in 2016 and was noteworthy for the increase in foreign buyers and the rise of new homes in urban areas at the relative expense of country sales.”