Scottish capital leads the UK with 1,000% rise in millionaire rows since 2015
The number of streets in the Scottish capital where the average home costs at least £1 million has increased more than 10-fold over the past five years.
Only two streets in Edinburgh were lined with properties valued at £1 million or above back in 2015.
But research by property portal Rightmove shows there are now 22 streets that can claim to be millionaires’ rows.
The most expensive street in Edinburgh is Hill Place, just south of the city’s historical Old Town and close to the University of Edinburgh, with average property values of £1,195,419.
Local agents report that demand has soared in recent years, particularly for grand period buildings.
Across Edinburgh as a whole, the only Scottish location among the UK’s top ten places witnessing the biggest increase in million-pound streets, average asking prices are nearly £295,000.
Winchester, Sutton Coldfield, Poole and Alderley Edge come after Edinburgh to complete the top five.
Across the country as a whole, the overall number of million-pound streets has jumped by 20 per cent since 2015.
Tim Bannister, director of property data at Rightmove, said: “Edinburgh is a beautiful city that’s always been a popular holiday destination for tourists, but our latest study shows that it’s also a highly desirable place to live for home-movers in the top-of-the-ladder sector.
“he combination of great architecture, a strong business sector and a vibrant cultural scene make it a very attractive alternative to other major UK cities.”
The average asking price for property in Edinburgh has jumped by 8.8 per cent in the past 12 months, outstripping the national average rise of 5.5 per cent.
Andrew Riddell, senior associate director at Strutt & Parker Edinburgh, said: “For buyers in Edinburgh the key drivers are lifestyle, affordability and schools.
“When compared to most of the UK, and in particular London, the amount of house you can get for £1 million is impressive.
“Although we’ve seen the attractiveness of living within Edinburgh climb over the last few years, more recently the ability to work from home has further increased demand for prime family homes from buyers relocating from other cities.”
Well-heeled buyers can choose from a wide range of millionaire properties currently on the market in the Scottish capital.
There’s a stylish townhouse set over four floors in Melville Street, in the city’s prestigious West End. With a private garden and double garage, it is priced at offers over £2,650,000.
Then there’s an exclusive five-bedroom Georgian townhouse, set over three floors in Dublin Street, on sale for offers over £2,300,000.
Or there’s a splendid four-floor home in Ann Street, Stockbridge, up for grabs at offers over £1,500,000.
In a more rural setting, there’s a substantial Lorimer house set in impressive grounds in Colinton at offers over £1,450,000.
With breathtaking views of the city skyline, a three-bedroom penthouse in the luxury development at the former Donaldson’s school is priced at £1,750,000, while an apartment on the ground floor will set you back a slightly more modest £1,125,000.
Meanwhile, £1,095,000 could get you a ground and basement flat with its own private garden and garage in upmarket Buckingham Terrace, also in the West End.
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