Scottish slump in high end homes

Big spenders seem to be in short supply north of the border according to a report published by the Bank of Scotland.

Research into the sale of million pound homes across the UK property market during 2011 show a large dip in the amount of Scottish properties sold last year when compared to the previous year. Nearly half of the total amounts of Scottish properties valued at £1m or above were sold in Edinburgh. According to the published data 132 million pound plus residential properties changed hands across Scotland last year – the lowest level since 2009.

However the largest reduction in million pound homes sales occurred in the West Midlands – down 35 per cent, the reduction in the North West of England was recorded at 20 per cent and a fall of less than 0.5 per cent was noted in London properties.

With the price gap between North and South becoming more pronounced it comes as no surprise to hear that almost 85 per cent of all million pounds sales of UK properties occurred in the London and South East of England property markets.