The central London postcodes that are still in favour with homebuyers

The inner London property market is down, but certainly not out, according to the latest research from London lettings and estate agent, Benham and Reeves.

Benham and Reeves analysed all residential property transactions to have taken place since we entered the first lockdown (23 March 2020) and how the Capital is performing when split between inner and outer London.

The figures show that there have been just shy of 50,000 sales completed across the Capital in this time, with home-sellers securing an average of £487,500 in the process.

Months on end of lockdown restrictions have caused many to look from the inside out for bigger homes with the additional benefit of outdoor space, a trend that is apparent when you dissect the London market at a top-line level.

Since March of last year, there have been 65% more property sales across the Capital’s peripheral boroughs compared to the number completed in inner London. just 38% of all transactions (18,459) have taken place in inner London, while outer London accounts for 62% (30,494).

However, scratch beneath the surface of this top-line trend and it’s clear that inner London is far from out of favour. While transactions level may be trailing, properties in inner London have sold for an average of £595,000 since lockdown, 34% more than sales transacting in outer London.

When breaking the market down to postcode level, it’s perhaps surprising to see that just two of the top 10 busiest property postcodes since we entered into lockdown are located in outer London.

The CR0 postcode of Croydon and Sutton has seen the most homes sold with 894 completed transactions, demonstrating the homebuyer appetite for homes in outer London. E17 in Waltham Forest also places in the top 10 (5th), with 584 homes sold since lockdown started.

In contrast, the City of London has seen just 35 transactions complete across its busiest postcode of EC2Y.

However, while the City has seen a slump, inner London accounts for four of the top 10 busiest London property postcodes since lockdown began. E14 in Tower Hamlets is the busiest of the lot, seeing the second largest number of transactions (759) across the whole of London since March of last year.

SW18 (622) and SW11 (614) in Wandsworth rank as the third and fourth busiest overall, while SW6 in Hammersmith and Fulham also makes the top 10 with 518 homes sold.

It’s clear that homebuyers are also keen for a compromise, with the SW19, SW16, SW17 and SE10 postcodes all ranking in the top 10, and all sitting on the border of inner and outer London.

Director of Benham and Reeves, Marc von Grundherr, commented:

“There’s no doubting that the unprecedented events of the last year have spurred many homebuyers to re-evaluate their property priorities, opting for larger homes on the outskirts of the Capital and beyond.

This trend has led to the false assumption that inner London has lost its desirability and that buyer demand has evaporated completely. This simply isn’t the case and, in fact, parts of the inner London market have been performing very well since lockdown restrictions were imposed.

As the Capital starts to reopen for business, it is inevitable that demand for central London homes will continue to spread.

An interesting trend that is also emerging is the choice by London buyers to sit on the geographical fence, opting for areas that fall on the borders of inner and outer London. This allows them to secure the larger home they seek for a lower price, but without completing forsaking the ability to commute across London with ease.”

Table shows transactions and sold price data for each area since we entered into the first lockdown on 23rd March 2020 and Jan 2021 (latest available)
Category Completed Transactions Median Sold Price % of total transactions
Inner London 18,459 £595,000 38%
Outer London 30,494 £445,000 62%
London (All) 48,953 £487,500 N/A
Sourced from the Land Registry Price Paid data for residential property sale completions
Table shows the 10 best performing London postcodes based on total transactions since we entered into the first lockdown on 23rd March 2020 and Jan 2021 (latest available)
Postcode district Borough(s) Completed Transactions Median Sold Price Inner/Outer
CR0 Croydon, Sutton 894 £350,000 Outer
E14 Tower Hamlets 759 £560,000 Inner
SW18 Wandsworth 622 £680,000 Inner
SW11 Wandsworth, Lambeth 614 £775,000 Inner
E17 Waltham Forest 584 £490,000 Outer
SW19 Merton, Wandsworth 571 £711,850 Inner and Outer
SW16 Lambeth, Croydon, Wandsworth, Merton 519 £475,000 Inner and Outer
SW6 Hammersmith and Fulham 518 £895,000 Inner
SW17 Wandsworth, Merton 516 £594,000 Inner and Outer
SE10 Greenwich, Lewisham 483 £550,000 Inner and Outer
Sourced from the Land Registry Price Paid data for residential property sale completions
Table shows the total number of transactions across each borough, media sold price and the top three best performing postcodes in each borough.
Location Borough(s) Completed Transactions Outcode Trans Price
BARKING AND DAGENHAM 955 £320,000 IG11 280 £315,000
RM10 201 £310,000
RM8 195 £320,000
BARNET 2,074 £557,750 EN5 265 £562,000
NW7 202 £615,000
HA8 190 £486,750
BEXLEY 1,859 £375,000 DA16 270 £395,000
DA7 269 £415,000
DA15 264 £409,000
BRENT 1,174 £515,000 NW10 335 £508,500
NW9 182 £482,500
NW6 173 £692,000
BROMLEY 2,853 £475,000 BR3 474 £502,500
BR2 452 £480,000
BR6 448 £510,000
CAMDEN 1,094 £785,000 NW3 326 £1,005,000
NW6 211 £680,000
NW1 172 £707,500
CITY OF LONDON 63 £732,500 EC2Y 35 £780,000
EC1A 11 £765,820
EC4A 4 £430,000
CITY OF WESTMINSTER 1,252 £895,000 W2 285 £868,000
W9 159 £705,000
NW8 153 £868,000
CROYDON 2,503 £400,000 CR0 871 £350,000
CR2 430 £450,000
CR8 278 £550,000
EALING 1,586 £489,995 W3 286 £542,500
W5 277 £685,000
UB6 228 £465,000
ENFIELD 1,556 £400,000 EN1 280 £399,998
EN3 261 £345,000
EN2 230 £487,500
GREENWICH 1,679 £430,000 SE10 469 £552,900
SE18 364 £360,000
SE9 321 £420,000
HACKNEY 1,125 £575,000 N16 269 £625,550
E8 172 £580,050
N1 168 £675,000
HAMMERSMITH AND FULHAM 1,212 £765,000 SW6 518 £895,000
W6 259 £905,000
W12 192 £615,000
HARINGEY 1,244 £540,000 N17 247 £399,000
N8 243 £575,000
N22 180 £520,000
HARROW 1,145 £500,000 HA2 292 £475,000
HA3 203 £467,500
HA7 193 £545,000
HAVERING 2,009 £380,000 RM3 317 £350,000
RM12 290 £396,000
RM11 283 £440,000
HILLINGDON 1,643 £435,000 HA4 367 £505,000
UB10 294 £456,000
UB4 199 £395,000
HOUNSLOW 1,155 £435,000 W4 219 £924,000
TW7 216 £480,000
TW13 162 £346,500
ISLINGTON 949 £650,000 N1 242 £751,500
N7 211 £552,500
N5 174 £752,500
KENSINGTON AND CHELSEA 974 £1,260,000 W8 159 £2,000,000
W11 159 £1,200,000
SW3 151 £2,000,000
KINGSTON UPON THAMES 1,176 £503,250 KT6 238 £465,000
KT2 225 £725,000
KT3 200 £547,500
LAMBETH 1,988 £590,625 SW16 335 £475,000
SW2 304 £544,000
SW4 290 £632,500
LEWISHAM 1,863 £445,000 SE13 302 £429,455
SE6 288 £425,500
SE23 275 £500,000
MERTON 1,354 £519,000 SW19 501 £750,000
CR4 285 £399,000
SW20 242 £699,975
NEWHAM 1,130 £395,000 E16 361 £405,000
E15 207 £430,000
E6 201 £363,000
REDBRIDGE 1,269 £445,000 IG1 202 £380,000
IG8 190 £500,000
IG6 161 £440,000
RICHMOND UPON THAMES 1,562 £700,000 TW1 248 £792,500
TW2 220 £596,475
TW11 198 £740,000
SOUTHWARK 1,531 £546,000 SE15 345 £565,000
SE1 271 £525,000
SE22 262 £727,500
SUTTON 1,393 £418,000 SM1 297 £400,000
SM5 248 £409,000
SM6 245 £406,000
TOWER HAMLETS 1,486 £502,000 E14 759 £560,000
E1 256 £500,000
E3 246 £448,000
WALTHAM FOREST 1,549 £475,000 E17 584 £490,000
E4 386 £462,250
E10 308 £455,950
WANDSWORTH 2,548 £674,000 SW11 614 £775,000
SW18 613 £680,000
SW17 476 £595,500
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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 eighteen prominently located branches and five international offices.

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