Which city has seen the biggest rise in millionaire rows?
Our data scientists have been busy researching where you’ll find the most million pound streets compared with five years ago, and here’s what they found…
We can reveal that Edinburgh has seen the biggest increase in million pound streets since 2015.
The number of million pound streets in the Scottish capital has risen from just two five years ago to 22 in 2020.
We defined 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, which is south of Edinburgh Old Town and a ten-minute walk from the University of Edinburgh, with average property values of £1,195,419.
Across Edinburgh as a whole, average asking prices are £294,633.
Esher (141), Cobham (114), and Weybridge (113) – all in Surrey – are the local areas where you’ll find the most million pound streets just a stone’s throw outside of London.
Further north, Altrincham (61) and Sutton Coldfield (44) boast the most million pound streets.
Overall outside London the number of million pound streets is now up 20% compared with five years ago, and in the capital it is up 21%.
What do the experts say?
Our resident property data expert Tim Bannister explained that Edinburgh is actually proving hugely popular with home-movers across the sectors, not just in the £million-plus bracket.
He 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.”
What are local estate agents seeing?
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.”