Scotland’s top-end market reached 456 residential transactions last year compared to a record 493 in 2022. However, the annual total in 2023 was well above pre-pandemic levels with only 288 recorded in 2019. This is a consequence of strong house price growth since 2020, elevating more properties into the million pound price band.

Million pound transactions in Edinburgh dropped from 288 in 2022 to 232 last year. However, the suburbs of Colinton, Murrayfield, Trinity and The Grange saw an increase due to ongoing demand for family houses. Meanwhile, multiple transactions along Napier Road in Merchiston and the New Town’s Moray Place and Great King Street supported Edinburgh’s traditional million pound hotspots. Outside Edinburgh, there were 31 transactions in East Lothian, led by the coastal hotspots of Gullane, North Berwick and Archerfield.

Demand for family houses resulted in a record 79 top-end transactions across the Glasgow area. In Glasgow’s Kelvinside, two sales at £3 million and above were the city’s first ever in this price band. Meanwhile, the suburbs of Bothwell, Bearsden and Giffnock had their strongest ever performances at the top-end last year.

In Scotland’s heartland, Stirlingshire’s 16 top-end transactions took place primarily in the Strathblane area north of Glasgow and villages around Stirling. Whilst Perthshire saw a slight drop, activity remains well above the pre-pandemic level. Meanwhile, Fife’s 23 transactions were mainly concentrated in St Andrews and the coastal hotspot of Elie.

Along the west coast, demand for waterfront properties resulted in the highest ever number of transactions last year in Argyll, led by the Oban area. There were also a number of sales along the Ayrshire coast in Ayr and Prestwick. Whilst Highland saw a slight dip last year following a peak in 2022, the Borders saw an uptick, mostly in hotspots along the River Tweed.

In the North East, million pound transactions in Aberdeenshire recovered last year, with Aberdeen City remaining steady. Here, a sale at £2.5 million in Rubislaw Den was the highest price paid in the city since 2015.

Looking ahead, Scotland continues to witness healthy levels of buyer demand and a constrained supply of well presented properties in many areas. Whilst prices are likely to remain relatively robust, aligning expectations will be key to enabling transactional activity in 2024, especially in areas where there is a wider choice of available properties.

Prime Scotland

For over 30 years, we’ve advised on best-in-class property in Scotland’s most desired locations. Across our Scottish offices, we guide our clients to make the right property decisions, whether they’re upsizing to a family home in Glasgow or searching for a trophy home in St Andrews.

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