A LUXURY £1 million home is being sold every three days in the Capital, according to research carried out by estate agency Savills.
The Capital houses 60 per cent of the 201 properties in Scotland that have sold for above the £1m mark, with the annual number increasing from 78 in 2017 to 120 this year so far. The research shows that more properties are selling above £1m in Edinburgh due to the steep growth in house prices in recent years.
Some areas of the city have had their strongest markets in a decade including the Grange, Merchiston and Morningside where sales increased from just 16 during the year ending June 2017, to 40 during the year ending June 2018.
One of the opulent properties in the city that is expected to sell for a tidy £1.5m is Drummond House in the New Town. The main door A-listed townhouse in Drummond Place sprawls over four floors and boasts a private garden. The family home boasts original features and will be sold with its existing carpets, curtains and white goods.
Another property you should be bookmarking if you’ve got very deep pockets is 164 Woodhall Road in Colinton which offers a wine store, a double garage, parking for up to ten cars, space for your horses and a purpose-built 20-chalet cattery – all for a snip at £1.5m. Savills have 12 properties on their books that will set any buyer back a cool £1m.
According to the House Price Index, Edinburgh saw an average growth of nine per cent in house prices, the highest of any major city in the UK. But while house prices increased, there was a decline in sales activity below £200,000.
Prices at a number of high profile developments in the city centre continue to cross new price thresholds including Donaldson’s and Quartermile, where prices per square foot on average are £622 and £555 respectively, with some units even higher.
Faisal Choudhry, head of Savills residential research in Scotland said: “Whilst London and its surrounding commuter areas have been most affected by current political and economic uncertainty, there remains more confidence in the Scottish markets, where there is capacity for further growth in values.
“We are currently forecasting a 17 per cent increase in Scottish house prices by 2022. This compares with 7.1 per cent in London and 14.2 per cent across the UK as a whole.”