The upper-end of Scotland’s residential market saw “a significant recovery” in 2024, reports Savills, finishing year with a “surge” of higher-value sales.
Across all price bands, 12% more transactions were recorded in 2024 than in subdued 2023, but 23% more deals were done above £500,000 (for comparison, the rest of the UK saw a 20% increase at this price level).
The number of prime Scotland properties selling above £500k reached a record high in 2024, which Savills puts down to “robust” price growth since the Covid-19 pandemic.
But it looks like the sales boost has been focused on a relatively narrow price range; Scotland’s £500k – £750k segment boomed by 30%, while transactions above £750k remains rarified and increased by only 8% year-on-year.
There were 24% more Scottish homes listed for sale above £500,000 at the end of 2024 compared to the end of the previous year, despite more deals being agreed as well.
“This is because properties are taking longer to sell compared to the pandemic years as buyers are exercising more caution due to stretched affordability,” explains Savills.
Improved choice for buyers means more sellers are having to adjust their expectations; there was a 39% jump in the number of £500k+ listings being re-priced last year – although this does mean achieved prices fell.
Scotland’s average prime property value dipped by a very marginal -0.1% in Q4, leaving prices unchanged from a year earlier – but +15.5% higher than in March 2020 (before the pandemic).
Prime regional prices outside London also fell slightly at the end of last year, leaving them -1.0% lower than Q4 2023 but 9.5% higher compared to March 2020.
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