The report suggests that the growth growth, led by Edinburgh and the East of Scotland, signals a renewed confidence among buyers following a period of economic uncertainty.

After a tumultuous 18 months defined by the cost-of-living crisis and rising mortgage rates, the Scottish housing market has shown clear signs of improvement throughout 2024 and into 2025. The prime market, in particular, has seen a modest rise in both sales and prices, with transactions for properties over £1m increasing by 2% in 2024 compared to the previous year.

This surge has been overwhelmingly driven by the East of Scotland. In 2024, the region accounted for nearly 80% of all £1m-plus sales. Edinburgh alone represented 56% of these transactions, an increase of six percentage points from 2023, underscoring the capital’s enduring appeal due to its economic stability, historic charm, and excellent schools.

“Scotland’s prime residential market continues to demonstrate remarkable resilience, with 2024 marking a record-breaking year for £1 million-plus home sales,” commented managing director Simon Rettie FRICS. “While Edinburgh and the East remain dominant, it’s encouraging to see continued activity emerging in the West. Buyers are showing confidence again – a trend we expect to build through 2025.”

Edinburgh’s New Town and West End, covered by the EH3 postcode, has been named the top-performing area in the country, with 53 sales exceeding £1m in 2024. This highlights the sustained demand for centrally located, architecturally significant homes. Other key Edinburgh postcodes, including EH4 (Barnton, Cramond), EH10, EH9, and EH12, collectively made up over 40% of Scotland’s highest-value sales.

Outside the capital, St Andrews (KY16) and coastal towns such as North Berwick (EH39) also performed strongly. The only area in the West of Scotland to feature in the top ten was Bearsden (G61), reflecting the concentration of high-value activity in the East.

However, early data from the first quarter of 2025 suggests a potential rebalancing. The market share for Edinburgh and the East has slightly decreased to 66%, while Glasgow and the West has seen a promising rise to 28%. This emerging trend is supported by anecdotal evidence of returning momentum for quality properties in sought-after locations.

Further strengthening the market is significant growth in the £750,000 to £1m price bracket. Sales in this segment have surged by nearly 25% year-on-year, indicating improved affordability as mortgage rates stabilise. This robust activity in the “middle-prime” tier is expected to fuel future expansion at the top end of the market.

With market confidence on the rise, the outlook for Scotland’s high-value residential sector for the remainder of 2025 is one of cautious optimism.