With the property market set to recover this year – recent research, for example, has shown buyers are growing in confidence – GetAgent.co.uk has looked at which postcodes across the nation are the most valuable when it comes to average price paid by UK homebuyers in the last year.
The estate agent comparison site compiled data from Land Registry property transactions over the last year, breaking each sale down to postcode level to see which two to four digits had the highest property pedigree.
Perhaps unsurprisingly, the capital tops the list of most valuable property postcodes. In fact, the top 22 most locations are all located in London across the boroughs of Kensington and Chelsea and Westminster.
Postcode W1J is the cream of the crop, where property sold prices averaged a respectable £7.6 million over the last year. SW1A follows with an average sold price of £5.5 million, with W1S (£4.5 million), W1K (£4.1 million) and SW1X (£4 million) also amongst the most prestigious.
Outside of London
While the capital dominates, there are postcode pockets outside of London where the average sold price is £1 million-plus.
GU25 in Surrey is the most expensive property postcode just outside of the M25. Property sold prices here averaged £1.5 million last year, placing it in the mix with the capital’s big hitters.
This wasn’t restricted to the South, though. Manchester’s M2 postcode flies the flag for the North, with an average sold price of £1.3 million.
Buckinghamshire’s HP9 is the only other postcode where sold prices have averaged over £1 million in the last year at £1,089,664.
At the other end of the scale, Stockton’s TS2 ranks as the most affordable postcode with an average sold price of just £34,000. Interestingly, 40 other postcodes also saw the average property price come in under the £100,000 mark.
“Apparently there’s been a Brexit inspired market slowdown. Although, someone clearly forgot to inform homebuyers in these pricey postcodes, with the average selling price remaining at a very healthy level indeed,” Colby Short, founder and chief executive officer of GetAgent, comments.
“When it comes to the prices being paid for the property in these postcodes it boils down to two things: prestige and supply. Well-to-do homebuyers want the prestige of living in one of these well-renowned postcodes, but unfortunately, there’s only a finite supply of homes available within them.”
He adds: “Therefore, when one does hit the market, not only does it hold its value pretty much regardless of wider market conditions, but the chances of two or more buyers running the price up in a bidding war are also high. Who would have thought four little letters could have such an impact on property prices?”