Newly released 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.
The firm 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.
Marc von Grundherr, Director of Benham and Reeves, 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.”
