Posts with tag: average London house price

Most New Million-Pound Postcodes in Wandsworth

Published On: September 23, 2015 at 3:31 pm


Categories: Property News

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The London Borough of Wandsworth, in the south of the capital, is the area with the most new million-pound postcodes in the past year, according to Which? Mortgage Advisers.

The figures also reveal that prices are rising across London, with the traditionally working-class borough of Hackney seeing as many new million-pound postcodes as upmarket Kensington and Chelsea.

Most New Million-Pound Postcodes in Wandsworth

Most New Million-Pound Postcodes in Wandsworth

In the last 12 months, Wandsworth had the highest number of postcode areas in which two or more homes were sold for £1m for the first time.

Using statistics from Land Registry, Which? found that out of 10,007 postcodes in Wandsworth, 284 (2.8%) had two or more properties sell for £1m or more for the first time in 2014-15, adding to the total of 715 million-pound postcodes already in the borough.

Analysis of data across the capital reveals that expensive areas are multiplying.

Wandsworth’s neighbouring borough, Richmond upon Thames, saw 205 new million-pound postcodes, or 2.7% of the total, and Hammersmith and Fulham was in third place, with 183, or 2.6% of the total number of postcodes.

These areas are typically more expensive, but the borough of Hackney has always been associated with being cheaper. However, it now has the same number of new million-pound postcodes as Kensington and Chelsea.

Housing campaigners have noted the rising gentrification in Hackney, which has caused 2% of its postcodes to house million-pound properties for the first time this year.

As these figures are based on the amount of postcodes passing the £1m mark for the first time, other boroughs exceed Wandsworth by far in the total number of homes selling for these prices.

In Westminster, for example, 571 houses were sold for £1m or more in the past year, compared to 392 in Wandsworth.

However, Which? has revealed that some parts of London are still relatively affordable. In Hounslow, the average property price is £326,000, with just 0.6% of its postcodes becoming million-pound spots for the first time in the past 12 months.

In Lewisham, the average house price is £330,000.

Buyers hoping for a lower price should also consider Barking and Dagenham, as it is the only borough in the capital that has still not seen a home sell for over £1m.

But the data still highlights the difficulty most buyers face when searching for a property in London, with all but the wealthiest being priced out.

And with the average price in London expected to hit £1m by 2020, (read more here: /average-house-price-to-reach-300000-in-the-next-three-months/) buyers should look to take advantage of today’s prices.

House Prices in Every London Borough

The average cost of buying a home in London has increased by 10.9% in the last year to reach £474,544, according to recent Land Registry data.

The highest annual price growth was in the East London Borough of Newham, at 17.2%. The lowest was recorded in Kensington and Chelsea. Hackney experienced the strongest month-on-month price rise of 2.1%, taking the average to £616,004.

Barking and Dagenham is the most affordable borough to buy a property, with an average price of £274,173.

Average property prices in London boroughs

Borough Average house price Annual change Monthly change
Barking and Dagenham £274,173 13.3% -0.5%
Barnet £464,645 15% 1.3%
Bexley £287,732 14.9% 0.1%
Brent £428,558 13.1% 0.2%
Bromley £388,896 16% 1.1%
Camden £825,082 10.2% -0.2%
City of Westminster £990,896 6.4% -0.4%
Croydon £328,282 15.8% 1.1%
Ealing £459,637 12.6% 1.6%
Enfield £335,967 16.3% 1.5%
Greenwich £357,194 15.6% 1%
Hackney £616,004 14.8% 2.1%
Hammersmith and Fulham £784,613 9.3% -0.5%
Haringey £491,472 10% 0.2%
Harrow £380,073 16% -0.1%
Havering £311,689 10.4% 0.3%
Hillingdon £335,450 15.7% 0%
Hounslow £361,336 11.4% 0.7%
Islington £671,321 10.9% 0.6%
Kensington and Chelsea £1,317,323 4.4% 0.4%
Kingston upon Thames £421,480 10.2% 0.3%
Lambeth £534,304 11.9% -0.5%
Lewisham £391,510 16.4% 1.4%
Merton £466,919 11.6% 0.3%
Newham £295,306 17.2% 0.4%
Redbridge £363,318 14.7% 0.4%
Richmond upon Thames £622,233 10.6% -0.4%
Southwark £549,488 11% -0.1%
Sutton £321,026 13.6% 0.8%
Tower Hamlets £492,585 14% 1.3%
Waltham Forest £359,329 10.9% -1.8%
Wandsworth £576,155 9.9% -0.2%