Aberdeen suburb named richest Scottish postcode

Senior News Reporter

Friday 22 June 2012

A POCKET of suburban Aberdeen has been named as the wealthiest postcode in Scotland, with good state schools and the ongoing boom in the oil industry driving the affluence of the area.

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Alison Campsie

Milltimber, which sits on the western fringes of the city, has topped the league of the country's most valuable areas, according to property data experts Zoopla.

It is the only entry in the rich list's top five which does not feature an Edinburgh postcode, with the capital and East Lothian still claiming the lion's share of prestige properties.

The research found that homes in AB13 sold for an average of £432,431 – well ahead of the next most expensive area of Humbie in East Lothian, where properties sell for around £44,000 less than its rival in the north east.There are also 31 "million pound streets" in Scotland, where properties sell for £1 million or more, Zoopla said.Nicholas Leeming, of Zoopla, said: "The Scottish residential property market boasts some extraordinary homes and whilst house prices on average are lower than other parts of Britain, in Scotland you get a lot more bang for your buck."For example, in London's most expensive neighbourhood, Kensington, an area the size of an iPad will set you back over £550, while in Milltimber the same floor space costs just £124."Milltimber, which lies about six miles from the city centre, is defined by its wide streets and enclaves with more than one-third of adults earning more than £55,000 a year. The vast majority (86%) of residents own their own home.Imposing Victorian villas are the hallmark of the area, with 65% of residents living in a detached property and a number of high-end new-build developments adding more supply to the highly sought after market.Faisal Choudhry, associate director of residential research at Savills, said Milltimber was a natural hot spot of desirability with its high performing schools and quiet atmosphere.The state school that services a large part of Milltimber is among the highest achieving in the country with 36% of pupils attaining five or more Higher exam passes. Nationwide, the comparative figure is 12%.He said: "I am not surprised that Milltimber features here. It's affluent, it's peaceful, it has good schools. It is close to the city but not too close. All these things make it a hot spot."Generally speaking, I think that whole A93 corridor, which includes Cults and Bieldside, is a corridor of wealth that is supported generally by the boom in the energy market. Industry is generally growing in Aberdeen and people are relocating there, not leaving, and demand for properties is high."Mr Choudhry added that new build properties went for unusually high prices with a recent sale of a modern ranch-style property closing at £1.32m.Zoopla's latest research also identified the most valuable streets in Scotland, with Auchterarder addresses featuring twice in the top five, which is otherwise dominated by Edinburgh addresses. At the top of the league is the capital's North Charlotte Street, where the average value is £1.79m. That is followed by Caledonian Crescent in Auchterarder, which sits by the exclusive Gleneagles Golf Course, where properties sell for an average of £1.59m. East Lothian also features prominently in the property rich list. North Berwick, Gullane and Longniddry – along with Humbie – take four out of five places in league of most valuable towns and neighbourhoods.

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Aberdeen suburb named richest Scottish postcode

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