Through the roof! £1m home sold every 3 days

HOUSES worth more than £1million each are selling at a rate of one every three days in Scotland’s capital.

The number of properties selling for upwards of seven figures in Edinburgh has risen by 41 per cent in 12 months, according to figures by estate agents Savills.

Of the 201 homes costing £1million sold in Scotland in the past year, more than half were in the capital. It comes as figures show that the average selling price for a property was £169,450 during the second quarter of this year, according to Aberdein Considine’s Property Monitor report – up 4.7 per cent on last year.

Savills is now predicting that house prices will rise by around 17 per cent by 2020 – more than elsewhere in the UK. The firm’s Faisal Choudhry said: ‘While London and its surrounding commuter areas have been most affected by political and economic uncertainty, there remains more confidence in the Scottish markets.’

According to the Property Monitor report, Edinburgh enjoyed a higher average house price growth than any other major UK city, with an average property price of £260,706. In Glasgow, the average price rose 3.9 per cent to £154,520, while Dundee enjoyed a 7 per cent rise to £140,849.

Falling sales and declining values wiped £85million off the Aberdeen and Aberdeenshire market over the first half of this year.

The least expensive place to buy property is the Western Isles, averaging £103,760, and on the mainland it is North Ayrshire, at £119,319.