Rise in £1m-plus house sales signals return of wealthy buyers to Scotland

The estate and letting agent said it had seen strong demand at the luxury end of the market, which saw a 25 per cent increase in activity year-on-year and a total of 212 £1m-plus house sales, was driven by Edinburgh.

The capital accounted for more than 60 per cent of the total, which was the best in a decade, although the biggest year-on-year increase – a 50 per cent surge – was in the west of Scotland.

Aberdeen and Aberdeenshire saw an increase in £1m-plus sales to nine, from just four in 2017 as the north-east economy took a battering from the oil and gas slump.

Rettie and Co associate director Andrew Meehan, said: “With Brexit dominating the headlines and being blamed for weakening housing market sentiment nationally, the Scottish £1m-plus market was contrarian in 2018.

“With over 130 £1m-plus sales in Edinburgh, the west coast seeing such activity increase by over 50 per cent and even increases in this market in Aberdeen, the statistics may seem surprisingly strong.

“With comparatively positive economic indicators and market fundamentals, combined with the value in the market, it is understandable why wealth is finding a home in Scotland.”