Mirror mirror on the wall which is the most expensive postcode of them all?

The papers are full of stories that the residential property market is recovering again. 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.

Data from Land Registry property transactions over the last year, reveals which postcodes contain the most expensive houses.

Zah Azeem, Partner, Scrivener Tibbatts comments: “Surprise, surprise the top 22 locations are each located here in… London! Across the boroughs of Kensington and Chelsea and Westminster to be precise.”

According to the report in Property Investor Today 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.

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.”

If you would like to discuss this or something related to a valuation please contact zah@scrivenertibbatts.co.uk or call us on 020 8947 7040.