Average property prices have broken the £500,000 barrier across more than half of the postcode districts in London, new figures have revealed.
According to research by Stirling Ackroyd, 142 (51%) of the 279 postcode districts in London now have an average property price of at least £500,000.
In comparison, across England and Wales 99.4% of postcode districts have average property values under half a million pounds.
Andrew Bridges, managing director of Stirling Ackroyd, said: “Gone are the days of the traditional prejudices about certain postcodes. London is more diverse than ever, but the boundaries are shifting and blurring. Lawyers and bankers are just as likely to live in Hackney as they are to choose Fulham, while the offices of law firms and financial services start-ups are found as frequently in Shoreditch or the Southbank as they are in the City.”
Half million pound postcode districts now include areas such as Mile End, Peckham and Streatham.
The East End’s E1 postal district had an average property value of £501,900, up 2.5% from the previous quarter average of £489,800.
Property values were highest in West London. Prices in the W postcode area, which includes Fulham and Kensington, averaged over a million pounds at £1,246,600.
“London is increasingly another country. Within these borders, more and more territory is being claimed by home values only dreamed of by sellers in the past. Meanwhile, for buyers and for businesses – the wave is building outwards and eastwards,” said Bridges.
“Sweeping house price averages have long been skewed by a minority of traditional super-expensive streets – but now the cost of a London home is rising more broadly. Average values for England or the UK may as well measure house prices in Peru – locally irrelevant when describing the fundamentally different and hugely complex London market,” he added.
