Buying a home in the UK just got slightly more depressing, with the news this week that a typical two-year fixed mortgage deal now has an interest rate of more than 6%
Coinciding with this rather bleak update, estate agents Benham and Reeves have shared the priciest postcodes in the country so far this year.
Perhaps unsurprisingly, with MPs right on your doorstep, the W1K postcode in London’s Westminster is top of the list as the priciest place to buy so far in 2023.
Since the start of the year, the average home sold in this area has gone for a whopping £8m.
Likewise, in joint second place was the SW1X postcode in Belgravia – which is also in Westminster – as well as City of London’s EC4V, with the average homes in these locations selling for £2.45m.
Camden followed close behind with an average sold price of £2.1m so far this year.
In fact, as you might expect, London dominates the top 10 priciest postcodes in England and Wales overall.
But outside of the M25, the richest property postcode is GU25, in Runnymede, where homes have sold for an average of £1.32m.
This is followed by South Hams’ TQ8 postcode (at £1.3m) in second and Cornwall’s PL28 ranking third (at £1.22m).
The top ten rankings for outside of London also feature Buckinghamshire’s HP8 (£1.2m), HP9 (£1.18m) and SL8 (£1.17m), along with IG7 in Epping Forest (£1.09m), KT11 in Elmbridge (£1.03m), TN7 in Wealden (£962,500) and Guildford’s KT24 (£950,000).
Marc von Grundherr, the director of Benham and Reeves, said: ‘Much has been said about the London lethargic housing market performance since the start of the pandemic and the capital has certainly trailed other areas of the UK with respect to the rate of house price growth seen in recent years.
‘However, it remains the most prestigious pocket of the market when it comes to the nation’s priciest postcodes and by quite some margin, even in cooler market conditions like those that we’ve seen so far this year.
‘In fact, very few postcodes outside of the M25 can rival the might of London, but that’s not to say that there aren’t some very valuable postcodes dotted elsewhere around the nation.’
Most expensive postcodes in the UK – excluding London:
- GU23, Runnymede (£1.32m)
- TQ8, South Hams (£1.3m)
- PL28, Cornwall (£1.22m)
- HP8, Buckinghamshire (£1.2m)
- HP9, Buckinghamshire (£1.18m)
- SL8, Buckinghamshire (£1.17m)
- IG7, Epping Forest (£1.09m)
- KT11, Elmbridge (£1.03m)
- TN7, Wealden (£962,500)
- KT24, Guildford (£950,000)
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