Edinburgh now has 22 millionaire rows – Rightmove

UK property website Rightmove said on Thursday that Edinburgh has seen the biggest increase in “million pound streets” over the past five years.

The number of millionaire rows in the Scottish capital has risen from just two in 2015 to 22 in 2020.

Rightmove defines a million pound street as any residential street where the average value of a home is £1million or above.

The most expensive street in Edinburgh is Hill Place, a few blocks east of the University of Edinburgh, with average property values of £1,195,419.

The other places in the top five with the biggest increases in million pound streets outside London are Winchester, Sutton Coldfield, Poole, and Alderley Edge.

In London, Hackney has seen the biggest growth in million pound streets since 2015 – rising from three to 30 – followed by Dalston, Finsbury, Stockwell and Beckenham.

Rightmove’s Director of Property Data Tim Bannister 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.

“The 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 of property in Edinburgh has jumped by 8.8% compared to this time last year, outstripping the national average rise of 5.5%, which highlights that Edinburgh is proving to be very much in demand right across the board.”

Andrew Riddell, Senior Associate Director 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 £1m 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 such as London.

“Edinburgh schools are top tier and so streets close to public schools or within the catchment areas of high performing state funded schools will always command a premium.

“These factors combined means the demand for property in Edinburgh only continues to grow, generating competition with prices responding to this demand.

“Traditionally, prime areas that are home to premium streets include Inverleith, New Town, West End, Stockbridge and the Southside.

“Handsome Victorian and Georgian houses with grand proportions and generous gardens offer ample space for families.”

Chris Druce, Senior Research Analyst at Knight Frank, added: “Prices in Edinburgh have grown by more than 30% since the start of 2010, which has led to the creation of more £1 million properties.

“More recently, prices have been driven higher by a lack of family houses coming to the market and buyers deciding to put their plans into action after the decisive general election result of December 2019 following a period of uncertainty related to Brexit and the Scottish independence vote, a trend that was picked up after the market re-opened this year.”