City makes it on to millionaires league table

DESPITE the forecast of a downturn in the Edinburgh property market, the city was the first area of the UK outside the south-east area to make it on to the list of property millionaires.

Santander, the lender, said its league table showed a fivefold increase in homes in the UK worth at least 1 million, proving the resilience of the top end of the market despite the credit crunch.

Postcodes in London and the home counties scooped the top ten places in the property league table published in July.

Edinburgh was ranked in 11th place, with 1,665 property millionaires.

Last month, figures from Zoopla.co.uk revealed that the city was also the area with the highest average property value in Scotland.

The average house price in Edinburgh is now 227,926, more than 68,000 higher than the average Scottish house price, which is 159,890.

Within Edinburgh, Wester Coates Avenue was the top ranking street with an average home value of 1,420,879.