Million pound home sales fall 11% in 2011
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Million pound property sales have fallen to their lowest level since 2009, according to research by Bank of Scotland. There were 132 property sales worth at least one million pounds in Scotland in 2011, a fall of 11% from 148 in 2010. This is the lowest number of sales since 2009 and more than double the percentage decline across the UK as a whole (-5%).
Nitesh Patel, Bank of Scotland Housing Economist, said:
“The number of homes in Scotland sold for at least a million pounds has declined over the past year, reflecting the generally weakening picture across the Scottish housing market. However, despite this, the prospects for the very top end of the housing market remain relatively good with demand from wealthy cash rich buyers, both in Scotland and further afield, as limited supply is likely to continue to help support this segment of the market."
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