The number of houses in Aberdeen selling for more than £1million has risen this year as the city was again shown to be home to some of the most expensive post codes in Scotland.
New Registers of Scotland (RoS) statistics released today reflect the buoyant high-end property market in the city.
Cults, Rubislaw and Milltimber remain second only to Edinburgh’s New Town in terms of the number of high-value homes changing hands.
The next three most expensive postcodes are all in the south west of Aberdeen, with 16 sales between £1million and £2.2million from January to September.
That is an increase from 10 £1million-plus sales in the city from the same period last year.
The RoS figures show that five of the six other postcodes in the top ten are also in Edinburgh, with 18 properties selling for between £1million and £2million.
Aberdeen makes one further appearance, with AB13 eighth in the table. There were three properties sold for more than £1million in the area, which covers Milltimber.
Hugh Welsh, head of data at RoS, said: “It won’t come as a surprise to many that Scotland’s capital city and Aberdeen dominate the over-£1million property market.
“It’s interesting that Aberdeen’s most expensive properties are all within two post code sectors, whereas Edinburgh’s are dotted across the city in areas like the New Town, Colinton and the Grange.”
In the first nine months of the year, 92 properties were sold for over £1million. Fifty-one of these had an Edinburgh postcode, while 21 were sold in Aberdeen.
The remaining 20 properties were sold in areas across Scotland including Glasgow, Auchterarder and Bridge of Weir.
In the same period last year, 71 properties over £1million changed hands; 45 in Edinburgh, 10 in Aberdeen, and 16 across the rest of Scotland.
Bob Fraser, senior partner at property agent Aberdein Considine, said the oil and gas industry has turned the Deeside strip into one of the hottest property spots in the UK.
“It is no surprise to see Cults, Milltimber and Rubislaw among the most expensive postcodes. Since North Sea production took-off in the 70s, these are the areas that have seen the sharpest increase in property values.
“While a £1million home is out of reach for most, there is encouragement in these figures for everyone, because it is a sign of a buoyant market.
“When these ‘blue chip’ properties sell, the smaller properties almost always follow, so the ripple effect will be felt across Aberdeen and many parts of Aberdeenshire.”
The number of £1million coming on the market is expected to rocket in the coming months as homeowners at the top end seek to avoid the impact of the new Land and Buildings Transaction Tax (LBTT), which will replace stamp duty in Scotland from April 1.
Whilst removing the tax burden completely from all homes costing less than £135,000, charges imposed on more expensive homes will rise. For example, for a home costing just over £1million, stamp duty of £40,000 will be replaced by a new levy of £77,300.
Mr Fraser added: “By selling now, there are considerable savings to be made for those with homes at the top end of the market.”