The latest research from estate agent comparison site, GetAgent.co.uk, has looked at which postcodes across the nation are the most valuable when it comes to the average price paid by UK homebuyers in the last year.
GetAgent.co.uk 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.
Of course, the capital tops the list and in fact, the top 22 most valuable postcodes are all located in London across the boroughs of Kensington and Chelsea and Westminster.
The cream of the crop is W1J, where property sold prices averaged a respectable £7.6m over the last year. SW1A follows with an average sold price of £5.5m, with W1S (£4.3m), W1K (£4.1m) and SW1X (£4m) 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 £1m plus. GU25 in Surrey is the most expensive property postcode (just) outside of the M25. Property sold prices in the area averaged £1.5m last year placing it in the mix with the capital’s big hitters.
You’d be forgiven for thinking this exclusive property price club is restricted to the South, but you would be mistaken. Manchester’s M2 postcode flies the flag for the North, with an average sold price of £1.3m.
Buckinghamshire’s HP9 is the only other postcode where sold prices have averaged over £1m 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, with 40 other postcodes also seeing the average property price come in under the £100k mark.
Founder and CEO of GetAgent.co.uk, Colby Short said, “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.
“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.
“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?”