The affluent postcodes driving Scotland’s record sales of £1 million-plus homes

The latest research by property firm Rettie shows that there were 514 sales of high-end homes in 2024, versus 506 transactions in 2023.

Edinburgh’s EH3 postcode area, which includes the capital’s New Town and West End, has emerged as the new number one location for £1m sales in Scotland, with 53 deals during the year, displacing the city’s EH10 postcode - including Bruntsfield and Morningside - which held the top spot in 2023.

The east of Scotland, including Edinburgh, accounted for about 80 per cent of £1m-plus sales during 2024. EH4, encompassing Barnton, Cramond and Cammo, saw a significant rise with sales increasing by nearly 50 per cent, to 49. Other key Edinburgh postcodes - EH10, EH9 and EH12 - round out the top five, accounting for more than 40 per cent of sales. Postcodes outside Edinburgh that make up the top ten include KY16 (St Andrews) and G61 (Bearsden).

Simon Rettie, managing director, Rettie, said: “Scotland’s prime residential market continues to demonstrate remarkable resilience, with 2024 marking a record-breaking year for £1m-plus home sales. While Edinburgh and the east remain dominant, it’s encouraging to see continued activity emerging in the west.

“Buyers are showing confidence again - a trend we expect to build through 2025,” he added.

On a rolling 12-month basis, Rettie calculates that sales transactions between £750,000 and £1m reached 767 during the first quarter of 2025, an increase of nearly 25 per cent year-on-year.

The uptick, according to the firm, reflects improved affordability as mortgage rates stabilise and buyer sentiment recovers. Property experts say this is also an indicator of future growth at the top end - as values appreciate and more homes move into the £1m-plus bracket.

John Boyle, director of research and strategy at Rettie, said: “The Scottish £1m-plus market has weathered recent economic headwinds and emerged with renewed strength, culminating in a record number of sales in 2024. Edinburgh continues to lead the way, underpinned by its established prime districts and resilient buyer demand, while the wider east of Scotland market has consolidated its position as the engine of high-value transactions.

“The overall Scottish residential market modestly improved through 2024 and into this year after a tumultuous 18 months in late 2022 and 2023, when the cost of living crisis and the infamous UK mini Budget saw it caught in a swirl of rapidly rising mortgage rates and much market uncertainty.”

He added: “The sharp increase in sales just below the £1m threshold points to a strengthening sub-prime segment, likely to feed future growth in the top tier.”

Last week, it emerged that the average selling price of a property in Edinburgh, the Lothians, Fife and the Borders had hit £287,830 after a “significant” boost in the last quarter. Property centre ESPC said the housing market was holding steady amid ongoing buyer competition. New property listings were up 7.8 per cent in the second quarter, compared with the year before, while sales volumes nudged up 0.5 per cent, year-on-year.