Bank reveals location of Scotland’s millionaire’s row

Edinburgh-new-circleA street in Edinburgh has been revealed as Scotland’s millionaire’s row, with an average house price of just over £1.3 million.

Northumberland Street, in the heart of the New Town, is home to the most expensive collection of property in Scotland, according to new figures from the Bank of Scotland.

The capital, which has long been regarded by estate agents as one of the housing market’s brightest hotspots, is home to 13 of Scotland’s top 20 most expensive streets, more than double the number found in any other city with Aberdeen accounting for four and Glasgow two.

Properties in Ann Street and Hatton Place in Edinburgh, Lorisbank Road, Rubislaw Den South and Friarsfield Way in Aberdeen and Baroness Drive in Glasgow are all said to be worth more than £1 million on average.

Mar Hall Avenue in Bishopton, Renfrewshire, is the only street featured in the top 20 outside one of the main cities, with homes worth £917,000.

Eight out of the ten most expensive streets in Aberdeen are all located in the AB15 postcode.

It emerged earlier this year the number of homes in Scotland sold for more than £1 million has more than doubled over the last 12 months.

There were 111 sales of more than £1 million in Scotland in the first half of this year, compared to 43 in the same period in 2014.

The latest Bank of Scotland street value report is based on house price data collected by the Registers of Scotland on house sales between January 2010 and October 2015.

Only streets where there have been at least seven transactions over the period are included in the survey.

Nitesh Patel, economist at the Bank of Scotland, said: “As Scotland’s financial and political hub, it’s expected that Edinburgh would hold some of the most expensive properties.

“However, Aberdeen accounts for three of the top five most expensive streets, providing the Granite City with a strong presence.

“Interestingly we’re seeing Mar Hall Avenue, Bishopton, become the first street outside of a major city to feature in our research.

“The amount of homes in Scotland that have sold for more than a million pounds has more than doubled within a year, many of these sales took place before the new land and building transaction tax came into force April of this year. This is likely to have impacted some streets in this survey.”

Faisal Choudhry, director of Scottish Research at estate agent Savills, said the type of properties which commanded the highest properties varied from city to city.

He said: “Obviously none of these properties are going to be country houses, so what we see is a mixture of town houses, family homes and villas changing hands for the highest prices.

“In Edinburgh it is often townhouses in the New Town and The Grange, while in Aberdeen it is granite homes in suburbs like Miltimbre and along the A93 corridor.

“In Glasgow there is more of a mixture and it tends to be townhouses in the West End or villas on the South Side which occupy the top end of the market. This year we had a very high-value property, a two-storey flat in Park Circus, change hands.”

He added: “It is no surprise that Edinburgh is home to the most expensive street as the demand is there. There is local wealth plus people coming in from outside and abroad in search of jobs, decent schools, and a good quality of life.”

Source: heraldscotland

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