Scottish Estate Market Review | Spring 2025

The Scottish estate market has seen a shift back towards public, rather than off-market, sales over the past year, according to latest analysis from Strutt & Parker.

According to the firm’s annual Scottish Estate Market Review, just a third of estates sold privately in 2024, compared with 57% in 2023.

Robert McCulloch, Head of Estates and Farm Agency in Scotland for Strutt & Parker, says: “Our annual review allows us to identify key trends in the marketplace. One of the noticeable changes over the past year has been a shift back towards public marketing – a strategy which enables vendors to expose their estate to a global audience of buyers with the aim of achieving the best price possible.”

The annual review shows that overall the Scottish estate market continued to perform strongly in 2024, showing remarkable resilience and renewed confidence in the face of political shifts and proposed legislative reform.

“2024 presented several challenges – from the proposed Land Reform Bill to the announced changes to inheritance tax. Yet the market feels as if it has taken it in its stride. While average sale prices were down, transaction numbers held firm, and early signs from 2025 are promising.”

A total of 39 estates were offered for sale in 2024 – only slightly down on the previous year – and 24 were sold, mirroring the number sold in 2023. The total value of those transactions was around £145 million, a 17% decrease on 2023 levels, but still significantly ahead of pre-pandemic levels.

“The headline figures tell only part of the story. It’s important to note that the £145 million invested is 79% higher than the five-year average between 2016 and 2020 of £81 million,” says McCulloch. “This is still a strong market by historic standards.”

While the average sale price eased to £6 million – down from £7.5 million in 2023 – buyers have been motivated by this shift, particularly in the discretionary and international sectors. UK buyers accounted for 75% of transactions in 2024, with 25% coming from overseas.

One of the major developments in 2024 was the publication of the Scottish Government’s proposed Land Reform Bill. If passed, it would introduce significant changes to the sale of estates over 2,500 acres, including a prohibition on private sales and an emphasis on community interests. In addition, the UK Government’s planned changes to Inheritance Tax relief for farming businesses from April 2026 have long-term implications for estate owners.

Despite these changes, market confidence is showing signs of improvement and momentum is already building. Estates that failed to sell last year are now under offer, and high-profile transactions such as the 15,000-acre Dorback Estate in the Cairngorms – acquired by Oxygen Conservation Ltd – are boosting interest from the natural capital sector.

“We’re seeing growing demand for estates that are sensibly priced and well-prepared,” says McCulloch. “This applies both to traditional private buyers and those interested in rewilding, afforestation and other forms of natural capital investment.”

Strutt & Parker is currently preparing a number of estates for sale in 2025 and expects activity to remain robust throughout the year.