There are 5 London postcodes where demand is red hot (Picture: Getty Images)
When it comes to finding a home in London, it sometimes feels like you have to give up every penny to your name.
Central London boasts one of the highest-value property markets in the world, with properties in this area fetching an average sale price of £1,594,530 – over £1 million over the UK national average, which, in October, reached an all-time high of £293,999.
But what about the postcodes away from the areas we know are historically expensive, such as Kensington and Chelsea?
As per new data from H&P, South Woodford is the hottest new location, with an average asking price of £625,935.
Currently, 63% of homes for sale in this area are under offer, making it one of the areas with the fastest-selling properties in the capital.
Property in Marylebone is struggling to sell at the moment (Picture: Getty Images)
Likewise, Walthamstow (E17), which recently made headlines for its overwhelming rejection to the opening of a GAIL’s Bakery, was also recognised. Here, the average house price comes in at £550,982, and 61% of properties are currently under offer.
Neighbouring Chingford, meanwhile, has a slightly higher asking price than its trendy sister at £558,891, but a slightly lower percentage of homes are currently under offer, at 59%.
By comparison, many notable postcodes in central London are currently finding themselves in a sticky situation when it comes to selling – and are taking longer to sell than many ‘hot’ locations in East London.
Covent Garden, labelled one of the ‘coldest’ 10 postcodes in London, has just 10% of its current properties under offer, as do Mayfair and Marylebone, and Earl’s Court.
But what is it that makes certain postcodes hotter than others? Is it just the presence of a Waitrose, a family-friendly atmosphere, or otherwise? Metro chatted to a property expert to find out.
What makes certain London postcodes more desirable?
Marc von Grundherr, Director of Benham and Reeves, tells us there are two reasons why a postcode might be desirable – and the first is reputation.
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‘For example, we often see high-end buyers request property listings in a single specific postcode in parts of prime London and nowhere else. This is due to the prestige that a certain address holds, often amongst social circles, which can be created by something as simple as its notoriety on a TV show or within a film,’ Marc explains.
Walthamstow is one of the hottest postcodes in London (Picture: Getty Images)
Likewise, postcode popularity might also be based on how well-connected that area is to the rest of the city by public transport.
‘Stratford has become increasingly popular for this reason …read more
Source:: Metro
