New study finds the most expensive streets in Scotland, with the top 10 being in Edinburgh

Property in Edinburgh has always been a bone of contention with those who live and work in the city, with many struggling with the soaring rent, the high prices and the increased demand in the Capital.

The top 10 most expensive streets in Scotland are all in Edinburgh, analysis has found.

Despite this however, property in Edinburgh has always been in demand, with the Capital being seventh in a Rightmove study which looked at the most in demand and most searched-for area among Britain’s home buyers in 2022.

The popularity of the Capital has been further reflected in a new housing study aiming to find the most expensive streets in Scotland, with the top 10 most expensive streets in Scotland all being in Edinburgh, and only one of the top 25 being outside of the Lothians.

Ann Street in Edinburgh is Scotland’s most expensive Street according to the Bank of Scotland, with a property in the street, which is well-known for its aesthetics and Georgian architecture, costing around £1.7 million on average.

In second place is Wester Coates Avenue in the west of Edinburgh with houses costing about £1,615,000, followed by Regent Terrance, near Calton Hill, where properties average more than £1.5 million on average over a five year period.

Streets in North Berwick, Musselburgh and St Andrews featured among the 25 most expensive streets in Scotland, with The Scores being the only street outside of the Lothians to feature on the list.

Graham Blair, mortgages director at Bank of Scotland, said: “Ann Street in the beautiful city of Edinburgh tops the most expensive list, setting wealthy buyers back almost £1.7 million on average.

“While not in the top 10 priciest, homes in St Andrews also don’t come cheap, with The Scores and Donaldson Crescent offering properties at over £1.1million on average.”

The transactions data from the Bank of Scotland was sourced from the Registry of Scotland, and individual post codes only where there have been at least five transactions over the period are included. Only streets where there have been at least five transactions over the period between January 2017 and September 2022 were used in the survey.

A separate study from Rightmove found that the top locations where properties have been the fastest to sell this year were in Scotland with Livingston being the this year’s quickest market for home buyers, with properties being snapped up in 15 days on average.

While the Covid pandemic saw a surge in the number of property sales and an increase in property prices, 2023 could see the property market stabilising modestly below pre-pandemic levels and house prices edging lower, perhaps by around 5 per cent according to the Nationwide House Pricing Index.

Robert Gardner, Nationwide Building Society’s Chief Economist, commented on the future of the property market across the UK: “Financial market conditions have now settled with long term interest rates returning to the levels prevailing before the mini-Budget. However, mortgage rates are taking longer to normalise and activity levels in the housing market have shown few signs of recovery and house prices saw three successive monthly declines since September – the worst run since 2008.”