THE number of million-pound homes in Scotland has risen by more than 70 per cent since 2019, according to new figures.

The most recent data from property agents Savills shows this is more than double the UK average, which has risen by 28% since 2019.

However, across the UK there were around 60,000 fewer properties worth more than £1 million in 2023 than there were the previous year, Savills estimated.

In total, the new report said there are around 670,100 homes in the UK worth more than £1m, down 8.3% (60,260) on 2022.

Compared to 2019 figures, before the impact of the Covid pandemic, the total is up by 28% – or 146,490 homes.

In Scotland, the increase in the number of homes worth £1m since 2019 has been more dramatic, and the fall since 2022 slightly less severe.

The Savill figures estimate that in 2019 there were 6386 homes worth £1m or more in Scotland. In 2023, this figure was 10,931, an increase of 71%.

In 2022, there were an estimated 11,481 homes worth more than £1m in Scotland. This has dropped by 550, or 5%.

Savills said the impacts of the coronavirus pandemic prompted a “race for space” with more people working from home and buying properties in more rural locations, pushing up prices.

Britain’s £1m home market is now valued at £1.32 trillion, down from £1.43trn in 2022, researchers said.

READ MORE: Rhoda Meek: Second homes debate in Scotland has no place for manners. Here's why

Lucian Cook, head of residential research at Savills, said: “The race for space and dash to the countryside from mid-2020 drove a sharp increase in the number of £1m homes outside of London and other urban settings.

“However, increased mortgage costs and a rebalancing of demand back to city living have meant about 30% of those whose homes crossed the £1m threshold, have, for the time being at least, become aspiring million-pound homeowners once again.”

London recorded the smallest decrease in property millionaires (4%) in 2023, followed by Scotland (5%), Savills found.

At the other end of the spectrum, Wales, the South East and East of England and Yorkshire and the Humber all recorded a 13% annual fall in property millionaires.

Here are the estimated numbers of homes worth £1m-plus across Britain in 2023 and the annual change, followed by the annual change in percentage terms, according to Savills:

  • – Scotland, 10,931, minus 550, minus 5%
  • – Wales, 4239, minus 660, minus 13%
  • – London, 330,668, minus 12,280, minus 4%
  • – South East, 155,085, minus 23,166, minus 13%
  • – East of England, 62,812, minus 9688, minus 13%
  • – South West, 45,735, minus 5918, minus 11%
  • – West Midlands, 19,918, minus 2723, minus 12%
  • – North West, 18,848, minus 2230, minus 11%
  • – Yorkshire and the Humber, 10,978, minus 1,694, minus 13%
  • – East Midlands, 8397, minus 1116, minus 12%
  • – North East, 2489, minus 264, minus 10%

And here are the increases in the estimated number of million-pound homes compared with 2019, according to Savills:

  • – Scotland, up 4545, 71%
  • – Wales, up 2250, 113%
  • – London, up 30,570, 10%
  • – South East, up 44,268, 40%
  • – East of England, up 21,120, 51%
  • – South West, up 20,441, 81%
  • – West Midlands, up 8017, 67%
  • – North West, up 6180, 49%
  • – Yorkshire and the Humber, up 4297, 64%
  • – East Midlands, up 3700, 79%
  • – North East, up 1102, 79%