Hennessy Bowie Solicitors News
Hennessy Bowie & Co has been practising in Bishopbriggs for some twenty five years, principally in the areas of domestic conveyancing, commercial conveyancing, commercial leasing, executries and matters relating to care for the elderly,
Fewer million pound homes are sold
Fewer homes are changing hands for over a million pounds in Scotland, according to the latest figures from Registers of Scotland. These show that 141 homes were sold for seven figures in Scotland last year.
The Residential Sales £1m and Over Report reveals that Edinburgh had 53 million pound homes go under the hammer in 2012 – more than double that of any other local authority area. However, this is still 45% down on 2008, which was the peak of the market.
Aberdeen, on the other hand, has seen an increase in the number of £1m+ sales in the last five years. Last year 20 properties had a seven figure price tag in the city; twice the number recorded in 2008.
However, the statistics reveal a significant fall in high value sales in Glasgow. In Scotland’s largest city, the number of properties sold for over £1m has dropped by 82%, from 11 in 2008 to just two last year.
“While the high end of the property market in Scotland has dropped away compared to five years ago, the trend currently appears to be upward,” said Rhona Mackay, Head of Commercial Services for Registers of Scotland. “Between 2008 and 2009 the number of £1m+ sales in Scotland halved, but there has been a partial recovery since then. “
“The figures show a decrease in high value sales in the Central Belt cities of Glasgow and Edinburgh, where there have been significant drops,” she said. “However, the market in the North East of the country appears to be performing well at the top end, with increases in both Aberdeen City and Aberdeenshire, suggesting growing affluence in that part of Scotland.”
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