Research from London lettings and estate agent, Benham and Reeves, has revealed which of the capital’s postcodes are going against the grain of an otherwise muted London market, with the highest levels of homebuyer activity.
Despite the London market trailing the rest of the UK where the pandemic house price boom is concerned, the average house price in the capital is now £526,183. With an average of 4,813 homes being sold across London each and every month, that’s £2.5bn worth of bricks and mortar changing hands between homebuyers and sellers on a monthly basis.
Most popular London postcodes
When it comes to the most popular London postcodes, Croydon ranks top, where 84 homes are sold per month within the CR0 postcode.
Wandsworth SW18 postcode is also proving popular, with an average of 69 homes sold per month, while the boroughs SW11 (55) and SW17 (50) postcodes also make the top 10.
Merton’s SW19 postcode is the third most popular pocket of the London property market at present, where an average of 63 homes are selling per month.
With 63 property purchases per month, E17 in Waltham Forest is currently the most in demand area of East London, while Hackney’s N1 postcode isn’t far behind with a monthly average of 55 homes sold.
E14 in Tower Hamlets (50), Bromley’s BR1 postcode (50) and SW16 in Lambeth (48) complete the top 10 most popular London postcodes in the current market.
Most valuable London postcodes
When it comes to total market value, Wandsworth’s SW11 postcode sits top of the table. With an average property price of £916,946, the 55 homes sold on average each month equate to a total market value of £50.4m.
The SW6 postcode of Hammersmith and Fulham sees £45.2m worth of property sold on a monthly basis, with Wandsworth’s SW18 (£45.1m), SW1 straddling Westminster and Kensington and Chelsea (£44.6m) and SW19 in Merton (£44.3m) also seeing more than £40m worth of homes sold each month.
Director of Benham and Reeves, Marc von Grundherr, commented:
“London has been brandished as the nation’s worst performing area of the property market over the last two years, with pandemic complications leading to a muted level of market activity which has also dampened house price growth when compared to the astronomical rates seen across the rest of the UK.
But as is often the case with any topline look at the property market, this broad view of London’s performance doesn’t tell the whole story and there are plenty of postcodes within the capital that are currently enjoying a robust degree of demand from homebuyers.
It’s also important to note that while house prices haven’t increased by the same margin as the rest of the UK, they’re still up 8.2% in the last year. As a result, the capital remains head and shoulders above the rest in terms of house price pedigree, with £2.5bn worth of property changing hands on a monthly basis.”
Location
Current Average House Price
Average transactions per month
Total value of monthly transactions
London
£526,183
4,813
£2,532,343,385
Table shows the most active areas of the London property market based on the average number of
sales per month
Location
Area
Current Average House Price
Average transactions per month
Total value of monthly transactions
CR0
Croydon
£379,675
84
£31,892,700
SW18
Wandsworth
£653,998
69
£45,125,862
SW19
Merton
£703,591
63
£44,326,233
E17
Waltham Forest
£504,977
59
£29,793,643
SW11
Wandsworth
£916,946
55
£50,432,030
N1
Hackney
£710,011
55
£39,050,605
SW17
Wandsworth
£605,809
50
£30,290,450
E14
Tower Hamlets
£569,777
50
£28,488,850
BR1
Bromley
£483,787
50
£24,189,350
SW16
Lambeth
£498,474
48
£23,926,752
Table shows the most valuable areas of the London property market
based on the average number of sales per month and the average house price
Location
Area
Current Average House Price
Average transactions per month
Total value of monthly transactions
SW11
Wandsworth
£916,946
55
£50,432,030
SW6
Hammersmith and Fulham
£940,905
48
£45,163,440
SW18
Wandsworth
£653,998
69
£45,125,862
SW1
Westminster, Kensington and Chelsea
£1,487,074
30
£44,612,220
SW19
Merton
£703,591
63
£44,326,233
N1
Hackney
£710,011
55
£39,050,605
W8
Kensington and Chelsea
£1,919,096
18
£34,543,728
W4
Hounslow
£875,491
39
£34,144,149
NW3
Camden
£1,145,851
28
£32,083,828
CR0
Croydon
£379,675
84
£31,892,700
Postcode house prices and monthly sales volumes sourced from PropertyData
Sales per month based on 3 month rolling average of registered transactions per month Topline London house prices of £526,183 sourced from the Gov – UK House Price Index
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About the Author
Established in 1958, Benham and Reeves is one of London’s oldest, independently owned property lettings and sales agents. With specialism in residential sales, corporate lettings and property management in prime areas of London, the company operates from 19 prominently located branches and 11 international offices.