House prices hit record high as market surpasses £24bn

The figure surpasses the previous peak of £23.2bn recorded in 2007-08 and represents a 7% increase on the previous year, and a 45% rise over the past decade.

The median price of a residential property in Scotland rose 4% to £198,000, up from £190,000 in 2024-25, while the total number of sales climbed 5% to 104,408 transactions.

Over the ten years to 2025-26, Scotland’s property market has been transformed, but the gains have not been spread evenly. Among Scotland’s eight cities, Glasgow recorded the strongest price growth, with the median residential price rising 57% over the decade. Aberdeen, by contrast, was the only city to see values fall, with the median price dropping 29%, a reflection of the prolonged downturn in the North Sea oil and gas sector.

Across property types, semi-detached homes led price growth at 50% over the decade, while flats saw the most modest gains at 26%.

New build properties have outpaced the wider market, with median prices rising 51% over ten years compared with 41% for existing homes. In 2025-26, new builds accounted for around 10% of all residential sales, with the median new build price edging up 3% to £317,995.

A spokesperson for Registers of Scotland said the report “is an essential resource for industry professionals, journalists, policymakers, and researchers seeking in-depth insights into Scotland’s dynamic property market”.

Unlike many property indices that rely on asking prices or mortgage approvals, the RoS report is based on completed sales — covering all residential and non-residential transactions across Scotland. The dataset stretches back to 2003-04, enabling long-term trend analysis at national and local authority level.

The non-residential market recorded total sales of £3.9bn in 2025-26, with commercial property accounting for 82% of that figure and land, agriculture and forestry making up the remainder.