The prime residential market in Scotland experienced significant growth in 2024, driven by stable lending rates. Transactions for properties priced between £300,000 and £500,000 increased by 21%, while those above £500,000 saw a 23% uplift.

Despite an increase in available properties, prime Scotland prices showed resilience, with a negligible drop of -0.1% in Q4 2024. The number of £500k+ available properties was 24% higher at the end of last year compared to 2023.

Edinburgh and Glasgow demonstrated robust market activity, with Glasgow’s prime prices rising by 1.2%. Notable hotspots in Glasgow, such as Newton Mearns and Bearsden, contributed significantly to this growth.

In Perthshire, prime prices were -3.8% lower in Q4 2024 compared to Q4 2023, with the market facing challenges, especially above £750,000. However, the demand for good quality rural homes remains strong.

In Angus and southern Kincardineshire, agreed sales from £350,000 to £500,000 increased by 56% in Q4 2024 compared to the same period in 2023, although the market slowed towards the end of the year. Aberdeen saw stable house prices throughout 2024, with a consistent demand led by the sought-after AB15 postcode.

Demand for family homes is expected to continue driving market activity, with Savills forecasting a 2.5% price growth for prime Scotland markets in 2025. Over the next five years, they anticipate a 21.0% growth, outperforming other prime regional markets.

Faisal Choudhry, director of Savills Residential Research, commented on the findings, said: “Despite economic and taxation challenges, the underlying demand for family homes, especially in commutable areas with good schooling, will continue to support Scotland’s prime residential market.”