By Yaz Duncan
A recent study by the Bank of Scotland naming Northumberland Street as the most expensive in Scotland may be misleading according to local estate agents.
The study conducted by the bank named Northumberland Street in Edinburgh’s New Town as the most expensive street to buy property, with average house prices hovering around the £1.3million mark.
However, the study has faced criticism from estate agents who say that the statistic is not accurate because more expensive houses have been sold in the surrounding streets.
Peter Lyle, Director of Edinburgh Residential at Savills said: ‘We have sold a property in Northumberland Street for £1.7m, a little bit more actually. That is the most expensive this year.
‘Properties in the surrounding area have sold for more than £1.7m in streets like Heriot Row and Royal Circus. A whole townhouse there will be more expensive than in Northumberland Street.
‘The study is comparing apples and pears and is simply taking an average of what has been recently sold. If you look at some streets in St Andrews houses are selling for three or four million. It is an odd statistic.’
Despite the alleged inaccuracy of the study, Northumberland Street properties are still selling for higher than average prices and the New Town continues to be a desirable area.
Peter Lyle added: ‘Northumberland Street is in the heart of the New Town, walking distance from Princes Street and close to nice parks. It ticks the boxes for people wanting to live in the city centre.’
In response to suggestions by estate agents that the study is misleading Nitesh Patel, economist at the Bank of Scotland said: ‘We took the period from 2010-2015 and there had to a be a minimum of seven transactions over this period.
‘Northumberland Street meets that criteria with an average house price of over £1.3m. There is always research being done on expensive streets. We make clear that it has to be a minimum of seven transactions in five years.
‘We get data from the Registrar of Scotland. I don’t know what estate agents have said but there will be one or two streets with more expensive sales but they would not meet our criteria.’
The average UK house price in 2015 was £197,000 but the number of homes in Scotland sold for more than £1m has more than doubled over the last 12 months. The capital boasts 13 of the 20 most expensive streets, Aberdeen have four and Glasgow have two.