Big rise in sale of £1m homes despite Covid crisis -...

The rise and rise of £1m-plus homes continues apace with new research from Rightmove showing the biggest growth areas.

Data released this morning shows that the number of million pound streets in the Scottish capital of Edinburgh has jumped from just two in 2015 to 22 this year. That’s the biggest five-year increase of anywhere in Great Britain.

In London, Hackney has seen the biggest rise in £1m streets, while at a county level Warwickshire has seen the biggest five-year growth.

Outside London the number of million pound streets is up 20 per cent compared with five years ago, and in London it is up 21 per cent.

Local agents in Edinburgh report that demand has soared in recent years, particularly for grand period properties, which they suggest may be fuelled by the city being more affordable than London and the South East.

Across Edinburgh as a whole, which is the only Scottish location in the top 10 £1m-plus streets, average asking prices are £294,633.

The other places in the top five with the biggest increases in million pound streets outside London are Winchester, Sutton Coldfield, Poole, and Alderley Edge.

In London, Hackney is followed by Dalston, Finsbury, Stockwell, and Beckenham.

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.

The study by Rightmove looked at the number of million pound streets in 2020 versus 2015, based on areas which had at least 20 streets with an average value of at least £1m in 2020.