The firm, which operates across Scotland and the North of England, reported a 14 per cent increase in sales by volume year-on-year, with the most active markets in the Highland region, Ayrshire, and Dumfries & Galloway.

Activity and interest from potential purchasers remains higher than usual as the year draws to a close.

David Corrie, Head of Sales and Lettings for Galbraith, commented: “Demand for residential property has risen in the past 12 months, particularly for well-located rural houses with one to five acres of land. The year has surpassed our forecast and buyers proved more active in 2024 than anticipated.”

Average pricing, including farms and land transactions, has risen by an average of 11 per cent, with the strongest price increases recorded in Fife, Northumberland and the Highland region. Aberdeenshire experienced a slight dip in year-on-year average prices, albeit reflecting a higher average starting point for property in the region.

The volume of sales of land and farms also rose this year, with a significant increase in the number of agricultural properties sold by the firm’s farm sales team. Prices for farms and estates also increased substantially in 2024 compared with 2023.

Duncan Barrie, Head of Farm Sales, continued: “In terms of farms and land, there was a spike in completion activity in October this year, as sellers and buyers sought to close sales before the Autumn budget. There will however be additional challenges in the months ahead, although the full impact of the proposed changes to Inheritance Tax on agricultural property do not come into force until April 2026. Nevertheless, we would advise farmers and landowners to speak to their professional advisors at the earliest opportunity.”

The firm has a positive outlook for the property market for 2025, despite the increase in tax payable on second homes in Scotland (Additional Dwelling Supplement) , which rose from 6 per cent  to 8 per cent in the Scottish budget.

David Corrie continued: “The increase in Additional Dwelling Supplement is likely to have a cooling effect on some areas of the market in Scotland and is an unwelcome additional burden on those purchasing a property who have yet to dispose of their principal home. In addition, it is another barrier to the Buy-to-Let market, when the stock of property to let  is diminishing across the north of the UK as whole. In our view it has been the wrong sector of the market to focus on, as the real pinch-point is for first-time buyers – it would have been better to help young people on to the property ladder, which would have an accompanying beneficial effect across the board.”

This year we have seen an increase in the availability of mortgage products, albeit at similar levels to those in place just prior to the recent reduction in Bank of England Base Rates, according to Galbraith.

David Corrie concluded: “Although we have witnessed an element of caution in some sectors of the market over the past two years, interest in a variety of rural property remains strong, with demand for property exceeding supply in the most desirable areas.

“The number of enquiries and the high level of interest we are seeing in Q4 is a positive sign as we look ahead to 2025 and is evidence of a market that is functioning with relative normality after a turbulent few years.”

Galbraith handles the sale of residential and rural property, farms, rural estates and land from its 13 offices across Scotland and the North of England.

Currently on the market through Galbraith are properties including:

  • Brigton House, Laurencekirk, Kincardineshire, Offers Over £575,000

A superb traditional home with five reception rooms, five bedrooms and three bathrooms as well as a pretty garden and around four acres of paddocks. The range of outbuildings, including a large workshop, provide a wealth of opportunities to the purchaser. Beautiful countryside views.

  • Menzion Farm, Tweedsmuir, Scottish Borders, Offers Over £585,000

A beautiful small holding with over 30 acres of land and 900m of River Tweed frontage. The property has a three bedroom main house and self-contained one-bedroom annex offering potential for a holiday let or to create a commercial income. The owners have also applied for planning permission to replace an existing barn with a separate residential property.