Edinburgh property: New Town priciest in Scotland

An area of central Edinburgh is Scotland’s most expensive postcode, according to analysis of house sales figures this year.

Edinburgh's New Town is the most expensive area in Scotland. Picture: Neil Hanna

New Town in the capital, postcode EH3 6, has seen the highest number of high value properties changing hands, with nine sales ranging between £1 million and £1.8 million so far this year, Registers of Scotland (RoS) said.

The next three most expensive postcodes are in the south-west of Aberdeen, covering areas such as Cults, Rubislaw and Milltimber.

In total, 16 properties across three AB15 postcode sectors sold for between £1 million and £2.2 million between January and September.

There have been property sales of £3 million in Haddington, East Lothian, and £2.6 million in St Andrews, Fife, but RoS said they are “one-offs” and do not reflect entire areas.

According to the figures, the top 10 most expensive postcodes are all in Edinburgh and Aberdeen.

The most affluent areas are EH3 6, AB15 5, AB15 9, AB15 4, EH4 1, EH9 2, EH13 0, AB13 0, EH12 6 and EH12 5.

Hugh Welsh, head of data at RoS, said: “It won’t come as a surprise to many that Scotland’s capital city and Aberdeen dominate the over £1 million property market.

“It’s interesting that Aberdeen’s most expensive properties are all within two postcode sectors, whereas Edinburgh’s are dotted across the city in areas like the New Town, Colinton and the Grange.

“Of course, there are exceptions - within the same period this year, we’ve seen a house in Haddington sell for £3 million, and another in St Andrews for £2.6 million, but one-offs like these tend not to represent a collection of high-value properties in one area.”

In the first nine months of the year, 92 properties were sold for over £1 million. Fifty-one of the sales were in an Edinburgh postcode, while 21 were sold in Aberdeen.

The remaining 20 properties were sold across the country in areas including Glasgow, Auchterarder and Bridge of Weir.

In the same period last year, 71 properties over £1 million changed hands - 45 in Edinburgh, 10 in Aberdeen, and 16 across the rest of Scotland.

Bob Fraser, senior partner at legal and property firm Aberdein Considine, said the oil and gas industry continues to play a role in the cost of homes in Aberdeen.

“It is no surprise to see Cults, Milltimber and Rubislaw among the most expensive postcodes,” Mr Fraser said.

“Since North Sea production took-off in the 70s, these are the areas that have seen the sharpest increase in property values.

“The sale of £1 million homes is always a good indicator of where the market is recovering. When these ‘blue chip’ homes sell, there is usually a ripple effect right through the market in that area.

“In Edinburgh, there has been a real recovery in terms of values and volumes, particularly in the New Town.”

He added that the number of £1 million properties available on the market could increase over the coming months as homeowners seek to avoid the impact of the Land and Buildings Transaction Tax (LBTT), which replaces stamp duty in Scotland from April 1.