The prime(ish) London postcodes with far from prime property prices

The latest research from London lettings and estate agent, Benham and Reeves,has revealed the London postcodes within or close to prime neighbourhoods where homebuyers have been snapping up a bricks and mortar bargain over the last year.

Benham and Reeves analysed sold price records over the last year at postcode level across prime London areas such as Kensington and Chelsea, Westminster, Islington, Richmond and Camden to see which was home to the lowest median sold price.

The postcode offering the biggest property price bargain within touching distance of a prime London neighbourhood is the WC1H postcode. While the borough is home to an average house price of £854,668, the median sold price in the centrally located WC1H postcode at the borough’s most southern tip has been just £372,500 over the last year; over 50% more affordable.

Islington’s N7 postcode provides the next most affordable foot on the prime London ladder with sold prices averaging £570,000 over the last year.

Clapham’s SW4 postcode provides the most affordable foot onto the ladder in a prestigious neighbourhood south of the river, with an average sold price of £620,000 over the last year.

Perhaps the biggest property bargain for prime pretenders in the traditional sense has been Westminster’s W1F postcode. In the last year, this perfectly positioned postcode has seen an average sold price of just £760,000!

The W14 postcode has also seen an average sold price of just £697,500 despite straddling two of the capital’s most expensive boroughs in Kensington and Chelsea and Hammersmith and Fulham.

All in all, 33 postcodes across what is widely considered the prime London property market have seen an average sold price sit below the £1m mark.

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

“The beauty of the London market is that property prices can differ drastically from one street to the next. This often provides the opportunity to snag a relative bargain for homebuyers who may otherwise be unable to afford to buy in a given area.

Buying in the ‘next best area’ is nothing new and can often pay off in the long run as the ripple effect of price appreciation spills over into these areas.

However, if you can find a pocket of relative affordability in an area that already benefits from a prestigious property reputation, then you’re already one step ahead of the game.”

Table shows the prime London postcodes where sold prices have averaged below £1m in 2020
Postcode district Borough(s) Median Sold Price
WC1H Camden £372,500
N7 Islington £570,000
WC1A Camden £620,000
SW4 Lambeth £628,311
WC1E Camden £630,000
SW18 Wandsworth £665,000
W1F Westminster, City of London £670,000
SW15 Wandsworth, Kingston upon Thames, Richmond upon Thames £670,750
SW19 Merton, Wandsworth £695,000
W9 Westminster, City of London, Brent, Camden £697,500
W14 Hammersmith and Fulham, Kensington and Chelsea £697,500
WC1R Camden £705,000
N1 Hackney, Islington, Camden £714,000
NW1 Camden, Westminster £715,000
W1D Westminster, City of London £724,000
N5 Islington, Hackney £725,000
SW1V Westminster, City of London £736,000
SW11 Wandsworth, Lambeth £809,800
WC1X Camden, Islington £810,000
SW1P Westminster £850,000
W6 Hammersmith and Fulham, Hounslow £853,000
N2 Barnet, Haringey £857,975
SW10 Kensington and Chelsea, Hammersmith and Fulham £865,000
W4 Hounslow, Ealing, Hammersmith and Fulham £865,000
NW8 Westminster, Camden £866,650
SW1Y Westminster £887,500
SW6 Hammersmith and Fulham £895,000
N6 Camden, Haringey, Islington £897,500
WC1V Camden, City of London £915,000
WC2H Camden, Westminster £922,000
SW5 Kensington and Chelsea £935,000
W1T Camden £937,500
W2 Westminster, Kensington and Chelsea £945,000
Data sourced from the Land Registry Price Paid records for residential transactions at £40,000 and over (Jan 2020 to Dec 2020)
Share
avatar

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.

by