Property Millionaire Numbers Boom in Scotland
Rising house prices led to the creation of over 2,000 property millionaires in Scotland last year.
Online estate agency portal Zoopla has announced figures revealing that the number of domestic properties with price tags of seven digits went up by 2,264 – the equivalent of a quarter – during 2017.
The sale of homes valued at £1 million fell very slightly in Scotland, going down by just nine from 158 to 149 between 2016 and 2017, but rising prices have resulted in there being 768,553 property millionaires in Britain, with 11,101 being in Scotland.
The Zoopla research discovered that Edinburgh is the home of the highest concentration of luxury homes in Scotland, as there are currently 759 £1 million-plus properties. These account for around two per cent of the total housing stock in the city.
These figures are similar to the figures found in the rest of the country. Last year, the UK in general had a housing market where 2.7 per cent of all homes were valued at £1 million or more. This follows a 23 per cent rise in homes reaching the £1 million mark in the period from August 2016.
The Land and Buildings Transaction Tax (LBTT) did have an effect on the high-end property market when it was introduced by the Scottish government in 2015, but the sales of £1 million-plus homes have now been stable for at least two years, and last year witnessed the biggest number of sales of £1 million homes since 2008, which marked the beginning of the UK’s economic downturn.
Scotland’s property market continues to offer outstanding value for money, especially when compared to other areas of the UK such as southern England, as well as the provision of a high quality of life, excellent transport links and outstanding schools in property hotspots like Edinburgh.
Zoopla found that Guildford in Surrey was home to the largest number of £1 million-plus properties in Britain, with 5,889, followed by university hubs Cambridge, where there were 5,530 in 2017, and Reading, with a figure of 5,421.
Fairly unsurprisingly, however, in terms of regional figures, London has the most properties valued at £1 million or more in Britain. There are 430,720 property millionaires in the English capital, according to the Zoopla figures. This equates to a figure of 12.8 per cent when compared with the total London housing stock.
Zoopla’s regional table places south-east England in second place, and figures show that there are 180,397 in the £1 million-plus property category. In third was the east of England with a total of 69,840 property millionaires.
Wales was in last place in the table, boasting only 2,223 of the high-value properties. This is almost 9,000 homes fewer than the figures for Scotland, which placed the country in seventh place.
The figures were released alongside the launch of a new Zoopla tool allowing homeowners to see when their own properties could reach a value of £1 million based on price data spanning two decades.
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