The super-prime London postcodes where properties are still selling for up to £14m on average
Despite COVID uncertainty and an industry-wide lockdown, some prime postcode pockets of the London market have still seen properties selling for as much as £14m, according to the world’s leading high-net-worth mortgage broker, Enness Global.
Enness Global analysed house price sales exceeding £3m over the first quarter of this year across London’s more prestigious postcodes, revealing how the market at the very top end has differed due to COVID-19 when compared to this time last year.
The figures show that across the capital’s 50 most sought after postcodes for the super-rich, the median sold price for homes over £3m hit £4.5m in the first quarter of this year, despite the disruption caused by COVID-19; a 6% increase year on year. However, pandemic uncertainty has had an impact, with transactions declining -42% when compared to this time last year and 17 super-prime postcodes failing to register a sale in the first three months of the year.
London’s most expensive postcodes?
Despite this decline in transactions, the pandemic has failed to dampen the appetite of the capital’s super-wealthy home buyers, with prices soaring in some neighbourhoods.
N2 in East Finchley is currently London’s most expensive postcode where transactions over £3m are concerned. The postcode is currently home to a median sold price of £14.1m, with prices up 263% on the same period last year.
Mayfair’s W1K postcode ranks as the capital’s second most expensive postcode for high-end buyers with a median sold price of £9.2m.
N6 in Highgate is the third priciest postcode in the capital so far this year (£9m), with prices also seeing the second-highest increase when compared to the first quarter of 2019 (+124%).
W1G in Marylebone (£7.5m), NW8 in St John’s Wood (£7m), SW1W (£6.3m) and SW1X (£5.5m) in Belgravia, SW3 in Chelsea (£5.25m), SW7 in South Kensington (£5m) and SW1H in Westminster (£5m) also place within London’s most expensive postcodes for super-prime property sales.
The NW8 postcode was home to London’s most expensive public sale in the first quarter of this year, with a flat on Hamilton Terrace going for £110m. The postcode has also seen the third-largest increase in sold prices compared to the first quarter of last year at 92%.