The average house price in 49 of the Capital’s streets has shot up to £1 million according to a new rich list.
Approximately 3.477 properties in Edinburgh are now worth £1m or over according to Zoopla, the UK’s property website, which released the figures yesterday.
While Edinburgh’s lavish housing market is booming, it appears Glasgow is lagging behind, with just 15 of their streets boasting average house prices of more than £1m.
Lawrence Hall, spokesman for Zoopla, said: “According to our data, the average property in the city has gone up in value by 4.76 per cent to £271,653 over the past 12 months.
“With an average property value of almost £100k more than in Glasgow where the average home is worth £175,578, it’s unsurprising to see Scotland’s capital city dominating when it comes to where the country’s richest streets are located.”
The rich list showed that Whitehouse Terrace has been named the most expensive street in Edinburgh, with an average property value of £2,042,925.
Succoth Place and Ann Street came in second and third place, followed by a string of other streets including Hope Terrace, Midmar Gardens and Cumin Place.
Faisal Choudhry, head of residential research in Scotland for upmarket estate agent Savills, spoke of Scotland’s million pound property market.
He said: “The number of residential sales at £1m and above reached 146 during year ending June 2016.
“This is in line with the five-year average, with more than half of these sales occuring in Edinburgh.”
He continued: “The Capital is benefitting from the fact that in times of uncertainty, high net worth investors are drawn to prime central hotspots which are considered safe investments.”
Areas of the city with an EH10 postcode, such as Morningside, Farmilehead and Swanston, were described as the “highest value” neighbourhoods, with the average property prices £434,055.
They were followed by EH2 and EH9 areas, which had average house prices of £418,146 and £416,900.
Caroline Young, PR and content executive at ESPC, told the News why Edinburgh remains a desirable city to live in.
She said: “Edinburgh is the financial and political centre of Scotland, and has also made gains in becoming a centre for technology, with Amazon and Skyscanner both located here, so these well-paid jobs are an attractive prospect and therefore drive up demand for property, thus increasing selling prices.
“Edinburgh also has a large share of Scotland’s top private schools, and so properties near to those areas drive up prices, as does the desirability of Georgian properties in the New Town, which is a world heritage area.”
Councillor Jason Rust, who represents Fairmilehead and Swanston, said he wasn’t surprised two of his wards were named within the highest value areas.
He said: “I am not surprised by the figures given the beautiful location beneath the Pentland Hills whereby residents can have the best of both urban and rural environments.
“There is also access to great local and independent schools and active communities which take a pride in the amenity of their area.
“However, we should also remember that the figures mask the fact that some households can be asset rich, but cash poor and also that the city as a whole needs to cater for first-time buyers and key workers.”
Councillor Mark McInnes, who represents Morningside, added: “Whilst there are areas in Morningside with very high property prices, and it’s a wonderful community to live in, it’s also important to remember there is also a lot of deprivation in the community.”
On a wider level, Scotland is sixth on Zoopla’s ranking of number of property millionaires by region with a total of 8,486, in comparison with London, which has 398,312 property millionaires.
Zoopla’s Mr Hall added: “With its beautiful sights and rich cultural heritage, Edinburgh continues to be a hotspot for home owners.”