05 Nov 2014

News: Scotland’s most expensive postcodes revealed

News: Scotland’s most expensive postcodes revealed

Edinburgh and Aberdeen are home to Scotland’s most expensive postcodes, according to figures from Registers of Scotland (RoS).

Edinburgh and Aberdeen are home to Scotland’s most expensive postcodes, according to figures from Registers of Scotland (RoS).

The statistics, based on sales over £1million between January and September this year, reveal the most affluent areas in Scotland.

The New Town in Edinburgh saw the highest number of high value properties changing hands, with nine sales ranging between £1million and £1.8million.

The next three most expensive postcodes are all in the south west of Aberdeen, covering areas such as Cults, Rubislaw and Milltimber. Sixteen properties across three AB15 postcode sectors sold for between £1million and £2.2million.

Five of the six remaining top ten most expensive postcodes are claimed by Edinburgh, with 18 properties selling for between £1million and £2million.

Aberdeen makes one further appearance, with AB13 eighth in the table, having seen three properties sell for over £1million.

Bob Fraser, Senior Partner at Aberdein Considine, said the oil and gas industry has turned the Deeside strip into one of the hottest property spots in the UK.

“It is no surprise to see Cults, Milltimber and Rubislaw among the most expensive postcodes. 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 £1million 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.”

The number of £1million coming on the market is expected to rocket in the coming months as homeowners at the top end of the market seek to avoid the impact of the Land and Buildings Transaction Tax (LBTT), which will replace stamp duty in Scotland from April 1.

Whilst removing the tax burden completely from all homes costing less than £135,000, charges imposed on more expensive homes will rise. For example, for a home costing just over £1million, stamp duty of £40,000 will be replaced by a new levy of £77,300.

Mr Fraser added: “By selling now, there are considerable savings to be made for those with homes at the top end of the market.”

In the first nine months of the year, 92 properties were sold for over £1million. Fifty-one of these had an Edinburgh postcode, while 21 were sold in Aberdeen. The remaining 20 properties were sold in areas across Scotland including Glasgow, Auchterarder and Bridge of Weir.

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

Media Enquiries

For further information please contact Ryan Crighton on 01224 337 454 or alternatively email rcrighton@acandco.com

Media Coverage

The Herald: Area of central Edinburgh is Scotland's most expensive postcode

STV: Scotland's most expensive postcode is in Edinburgh's New Town

Daily Express: Edinburgh’s New Town tops £1million sales list

Evening News: Edinburgh property: New Town priciest in Scotland

The Courier: Nine New Town house sales top £1m

The Telegraph: Edinburgh and Aberdeen are home to Scotland's ten most expensive postcodes

Fife Today: Nine New Town house sales top £1m

Falkirk Herald: Nine New Town house sales top £1m

Deeside Piper: Nine New Town house sales top £1m

The Sunday Post: Nine New Town house sales top £1m

Buchan Observer: Nine New Town house sales top £1m

Ellon Times: Nine New Town house sales top £1m

Inverurie Herald: Nine New Town house sales top £1m

The Fraserburgh Herald: Nine New Town house sales top £1m

Mearns Leader: Nine New Town house sales top £1m

Montrose Review: Nine New Town house sales top £1m

Brechin Advertiser: Nine New Town house sales top £1m

The Extra: Nine New Town house sales top £1m

Linlithgow Gazette: Nine New Town house sales top £1m

Cumbernauld News: Nine New Town house sales top £1m

Arbroath Herald: Nine New Town house sales top £1m

The Buteman: Nine New Town house sales top £1m

Motherwell Times: Nine New Town house sales top £1m

Midlothian Advertiser: Nine New Town house sales top £1m

East Lothian News: Nine New Town house sales top £1m

Forfar Dispatch: Nine New Town house sales top £1m

Kirkintilloch Herald: Nine New Town house sales top £1m

Carluke Gazette: Nine New Town house sales top £1m


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