London house prices: Hackney and Wandsworth amongst the boroughs with the most new 'million-pound postcodes'

284 postcodes in Wandsworth saw two or more properties sell for more than £1m for the first time last year

Doug Bolton
Tuesday 22 September 2015 17:17 BST
A row of houses in Battersea in Wandsworth, the London borough with the most new million-pound postcodes in the city
A row of houses in Battersea in Wandsworth, the London borough with the most new million-pound postcodes in the city

The South London borough of Wandsworth has been revealed as the area with the most new million-pound postcodes, but the wider figures show that prices are rising across the city - with the traditionally working-class borough of Hackney having as many new super-expensive postcode areas as Kensington and Chelsea.

According to research by Which? Mortgage Advisers, Wandsworth is the borough which has the highest number of postcode areas in which two or more properties were sold for £1 million for the first time in the last year.

Using data from the Land Registry, Which? discovered that out of 10,007 postcodes in Wandsworth, 284 (2.8 per cent) had two or more homes sell for £1 million or more for the first time in 2014/15, adding to the total of 715 million-pound postcodes already in the borough.

However, a look at the London-wide data shows that these super-expensive areas are multiplying.

Richmond upon Thames, the borough next to Wandsworth, saw 205 new million-pound postcodes, or 2.7 per cent of the total number of postcodes, with Hammersmith and Fulham in third place, with 183, 2.6 per cent of the total.

All of these areas are traditionally more expensive areas, but it is suprising that Hackney, a borough traditionally seen as a cheaper, working-class area, was tied with Kensington and Chelsea as the borough with the most new million-pound postcodes.

Rapid gentrification in Hackney has meant that 2 per cent of its postcodes became million-pound postcodes for the first time this year, the same amount as Kensington and Chelsea.

Ever-gentrifying Hackney had the same amount of new million-pound postcodes as Kensington and Chelsea

However, these figures deal with the amount of postcodes passing the £1 million threshold for the first time - other boroughs beat Wandsworth by far in the total number of properties selling for such huge prices.

For example, in Westminster, 571 properties were sold in the last year for £1 million or more, compared to 392 in Wandsworth.

However, Which? pointed out that some areas of London remain relatively affordable - in Hounslow, the average house price is £326,000, with only 0.6 per cent of its postcodes becoming million-pound postcodes for the first time in the last year. In Lewisham, the average price is £330,000.

Non-millionaire house hunters would also do well to look in Barking and Dagenham - it's the only borough in the city that still has not seen a house sell for more than £1 million.

It makes bleak reading for those trying to find a home in the city, where rapidly rising rents and house prices have resulted in all but the most wealthy being priced out.

With average house prices in London expected to reach £1 million by 2030, anyone looking for a vaguely affordable home in the city should try to take advantage of today's prices while they can.

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