Argyll and Bute ‘bucks prime property trend’

Argyll and Bute was one of only five parts of Scotland which bucked the trend of falling numbers of prime property transactions in the first six months of this year, according to a new report.

The latest study by Savills of the top end of the Scottish residential property marketfound that whilst there has been a slight overall increase in prime transaction levels (above £400,000) across Scotland during the first six months of the year, this masks falls in key locations.While there was an overall increase of two per cent in the number of transactions above £400,000 across Scotland, some areas saw noticable decreases, including Greater Glasgow, where there was a fall in sales of 13 per cent.

Argyll and Bute was one of only five locations which bucked the trend and ensured a positive increase in sales across Scotland. There were eleven prime transactions in the region during the first six months of 2012 compared to seven in the same period last year, a rise of 86 per cent. The average price was £677,723 compared to £467,857 during 2011.

Other locations which saw a rise in sales were Edinburgh (24 per cent), Aberdeenshire, East Lothian, Aberdeen and Dumfries and Galloway.

However, the number of property sales above £1 million has fallen across Scotland - there were only 48 such transactions in the first six months of 2012, most of which took place in Edinburgh, compared to 64 in the same period last year.