The number of million pound property sales has risen by more than a third over the past year, according to research by Bank of Scotland.

There were 72 million-pound property sales in Scotland in the first six months of 2010; 36% higher than in the same period last year (53 sales) and outstripping the 20% increase in total house sales over the same period. There are an estimated 3,5001 homes in Scotland that are worth at least one million pounds.

However, the number of million pound properties sold in the first half of the year was 20% lower than in the same period in 2008 following a 41% decline between the first halves of 2008 and 2009.

The 36% increase in million pound property sales in Scotland was less than a third of the 118% rise across Great Britain as a whole. London recorded the biggest percentage increase (134%). By contrast, both Wales and the North had fewer million pound sales in the first half of 2010 than in the first half of 2009, although the number of sales in both areas is very low.

Million pound property sales continue to represent a tiny proportion of the total market; accounting for 0.2% of all sales in Scotland in the first six months of 2010. This is lower than the proportion across Great Britain (0.9%). Edinburgh has the highest proportion of million pound sales in Scotland, at 0.8%.

40% of all million pound sales in Scotland in the first six months of 2010 were in Edinburgh; higher than the 32% recorded in the first half of 2009.

Across Great Britain, Edinburgh recorded the highest number of million pound property sales outside the south of England.

29 properties were sold for at least one million pounds in the Scottish capital, the largest amount across Scotland at a local authority level. Aberdeen city, at 6 properties, recorded the second highest number of sales.

Martin Ellis, Bank of Scotland Housing Economist, said: “The rise in the number of million pound properties sold in Scotland since 2009 has been significant. There was a marked increase in Edinburgh’s share of all million pound property sales in Scotland over the past year with the capital accounting for 40% of all such sales.”

Million pound property sales – UK Regions

Source: Land Registry, Registers of Scotland, Bank of Scotland