The Scottish £1m+ market dropped back in 2025, with 478 registered sales (down 7% YoY).

Slowdown in the £1m+ Market in Scotland.

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.

In 2025, the Scottish prime residential market experienced a small but notable contraction at the £1 million plus level, with Edinburgh recording the sharpest decline in transaction volumes. This reduction was primarily influenced by heightened economic uncertainty (particularly around proposed ‘mansion taxes’) and the disproportionate impact of higher property transaction taxes at this price bracket. While the top end of the market softened, activity in the price segments below £1 million remained comparatively stable, reflecting continued underlying demand and resilient buyer confidence. The £2 million plus market has also been more stable, highlighting that buyers at the very top of the market are still there in similar numbers.

Entering 2026, global economic volatility persists, influencing sentiment across all property markets. Nevertheless, forward indicators suggest a potential recovery in high-value transactions as conditions stabilise. Scotland’s prime residential sector is well positioned to benefit from this shift, supported by increasing buyer interest in secure, high-quality living environments and the country’s growing reputation as a desirable long-term location.

Simon Rettie FRICS
Managing Director

Key Findings

EH3 retains crown but Glasgow leads growth.

EH3 remains the leading district in Scotland for £1m+ sales, with 47 in 2025, followed by EH10 and EH4. However, the strongest growth has been in Glasgow markets such as G12 (including the West End) and G46 (including Giffnock).

Second-hand market has greater resilience while new build market retreats.

The £1m+ second-hand market has stabilised in Scotland since 2022, with the number of sales hovering around 450 per year. However, the new build market has now fallen to below 2020 levels as it has been impacted by weaker demand conditions and viability constraints.

£750k-£1m market continues to grow.

While sales of £1m+ houses have fallen back in 2025, sales in the next price band (£750k-£1m) have continued to grow (up 3% YOY).

Conclusion

The Scottish £1m+ market has slipped back in 2025, particularly in Edinburgh, although the Capital continues to lead the way on such sales. Uncertainty caused by political decision-making is likely to have been a dampening effect but the drop off in the new build sector has also been a key factor. There has been strong growth in the Glasgow market, however, with higher than average price growth in recent years pushing more properties into the higher price bands.

While parts of Scotland’s prime market have cooled, Glasgow has continued to show real momentum, with £1 million-plus sales increasing year-on-year even as some other parts of the country have seen a modest pullback. We’re seeing sustained demand for high-quality family homes in the West End and key suburban locations, underpinned by strong local incomes and lifestyle-driven moves. As values have risen over recent years, more properties are naturally moving into the £1 million-plus bracket, and buyer appetite at this level remains resilient when the right homes come to market.

Maitland Walker
Managing Partner

The outlook for 2026 is a little uncertain. With new Holyrood elections in May, proposals for a Mansion Tax announced in the Scottish Budget in January will be further defined later this year, although (as stated in our Budget Blog), we do not believe that this will be particularly onerous and, in effect, will mean slightly larger Council Tax bills for those with higher value properties. Any proposals for a wider Wealth Tax in Scotland will likely have an impact by probably reducing the number of buyers for the highest value properties. In the meantime, this prime market continues to operate reasonably well and contributes around £65 million per annum in residential Land & Buildings Transaction Tax to the Scottish Government.

Read the full report

Lead Researcher
Dr John Boyle MRICS
Director of Research & Strategy
Consultancy & Research
Published: 16 Mar 2026
Research
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