5 ‘hot’ London postcodes that sell faster than the city centre

When it comes to finding a home in London, it sometimes feels like you have to give up every penny to your name.

Central London boasts one of the highest-value property markets in the world, with properties in this area fetching an average sale price of £1,594,530 – over £1 million over the UK national average, which, in October, reached an all-time high of £293,999.

But what about the postcodes away from the areas we know are historically expensive, such as Kensington and Chelsea?

As per new data from H&P, South Woodford is the hottest new location, with an average asking price of £625,935.

Currently, 63% of homes for sale in this area are under offer, making it one of the areas with the fastest-selling properties in the capital.

Likewise, Walthamstow (E17), which recently made headlines for its overwhelming rejection to the opening of a GAIL’s Bakery, was also recognised. Here, the average house price comes in at £550,982, and 61% of properties are currently under offer.

Neighbouring Chingford, meanwhile, has a slightly higher asking price than its trendy sister at £558,891, but a slightly lower percentage of homes are currently under offer, at 59%.

By comparison, many notable postcodes in central London are currently finding themselves in a sticky situation when it comes to selling – and are taking longer to sell than many ‘hot’ locations in East London.

Covent Garden, labelled one of the ‘coldest’ 10 postcodes in London, has just 10% of its current properties under offer, as do Mayfair and Marylebone, and Earl’s Court.

But what is it that makes certain postcodes hotter than others? Is it just the presence of a Waitrose, a family-friendly atmosphere, or otherwise? Metro chatted to a property expert to find out.

What makes certain London postcodes more desirable?

Marc von Grundherr, Director of Benham and Reeves, tells us there are two reasons why a postcode might be desirable – and the first is reputation.

‘For example, we often see high-end buyers request property listings in a single specific postcode in parts of prime London and nowhere else. This is due to the prestige that a certain address holds, often amongst social circles, which can be created by something as simple as its notoriety on a TV show or within a film,’ Marc explains.

Likewise, postcode popularity might also be based on how well-connected that area is to the rest of the city by public transport.

‘Stratford has become increasingly popular for this reason as the Olympic regeneration that took place not only brought drastic improvements to the infrastructure, but also an influx of new homes,’ Marc notes.

‘Stratford’s transport links are extensive and provide quick access to almost every corner of the city and, it’s largely more affordable than other areas of London, making it very popular amongst buyers.’

Elsewhere, other areas of East London including South Woodford, Walthamstow and Chingford are also well-connected but attract a different buyer demographic.

While Stratford tends to attract young professionals who want to be close to the city but without central London prices, these areas are attracting second and third run buyers who might be looking for larger family homes and a more chilled way of life.

‘These areas boast good schools, more green space and a greater degree of detached and semi-detached for sale stock, but remain within an easy commute to the city,’ Marc says.

‘On the other side of the city, Enfield provides the same benefits and so it’s easy to see why they are so popular as those starting their migration out of London can still reap all the benefits of city living without a lengthy train or drive.’

Do you have a story to share?

Get in touch by emailing MetroLifestyleTeam@Metro.co.uk.