The fall in sales is primarily concentrated in Edinburgh, where the number of £1m+ sales fell back to 234, the lowest level since 2021. However, Edinburgh still accounts for nearly half of all £1m+ sales in Scotland.
The market was likely affected by uncertainty, particularly around the UK and Scottish budgets and proposals for a mansion tax in both countries. In reality, this tax will be a slight increase in Council Tax for higher value properties and should not be onerous. Another key factor behind the drop has been the sharp decline in prime new build sales in recent years.
The part of the market that has been most affected has been the £1.25m-£2m price segment, where sales have dropped by over 20% YOY. The very top of the market (£2m+ sales) has been very stable in recent years, at just under 60 sales per annum.
Glasgow has seen the greatest rise in Scottish £1m+ sales in 2025, setting a new all-time high of 51 sales. Glasgow’s high value areas and popular family locations have experienced strong price growth, with the city’s average house price increasing by over 7% in 2025. This has led to a number of properties moving into the prime price bands.