Sales of million pound properties across Scotland in 2004 were 6% higher than in 2003, according to new Bank of Scotland research.

More than half the million pound plus residential property sales in Scotland in 2004 were in Midlothian where there were 28 sales. This is the same figure from 2003.

Elsewhere, Renfrew delivered the second largest number of million pound sales and recorded the largest rise of any Scottish region, with five times as many properties sold as in 2003 (5 in 2004 compared with 1 in 2003).

Lanark increased it’s million pound property mark from one in 2003 to three in 2004, and there were four sales in this expensive price bracket in Perth last year compared with three in 2003.

2000 – 2005
There has been a significant increase in the number of million pound plus property sales in Scotland over the past five years, increasing from 10 in 2000 to 57 in 2004. Over half the million pound properties sold in Scotland since 2000 have been in Midlothian: 94 out of the Scottish total of 181.

Perth has seen the second largest number of million pound sales in the past five years, with 14 sales. No other Scottish region has reached double figures.

There were million pound plus property sales in only three parts of Scotland in 2000: Midlothian, Perth and East Lothian. Last year, there were million pound sales in 18 Scottish areas. A total of 20 areas have recorded at least one sale of at least one million pounds in the past five years.

Martin Ellis, Chief Economist at the Bank of Scotland, commented: “The number of properties sold in Scotland for over a £1 million increased moderately last year, after a strong rise in 2003. While Midlothian continues to lead the way, expensive properties are becoming a more common feature elsewhere in Scotland too. In fact, there were sales of at least one million pound property in 18 areas across Scotland last year compared with only three areas in 2000.”
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