September 17th, 2014. Ben Lloyd
Britain’s Priciest Postcodes In and Out of London 2014
The property website, Zoopla, has recently revealed the most expensive postcodes in the UK. If you were looking to purchase property here you would need some very deep pockets as the vast majority of these streets will set you back a cool million or two. In fact, you may be surprised to learn that over 10,000 streets in the UK have an average property price of over £1million!
If you do have cash to spare then these areas can be a strong investment as they’ve seen an average of 12.9% growth in the last year (6.6% more than the national average) and show no signs of stopping anytime soon. So, without further ado, here are Britain’s most expensive postcodes:
1. Kensington, W8
Home to ‘Billionaires Row’ this is unsurprisingly the most expensive place to buy a property in the UK. Everyone from the royal family to oil sheiks own properties here and with an average property value of £34,364,255 this street isn’t exactly affordable for general members of the public. However, you may be able to get a property in the general area as W8’s average property price is just shy of £3 million.
2. Knightsbridge, SW7
An average cost of property in this area is around £2.5 million, making Knightsbridge slightly less expensive than Kensington but still well above the national average. The close proximity to Hyde Park and London’s well established retail district make this a very popular area, so property goes quick despite the price tag.
3. Chelsea, SW3
Another well-known area of affluence, if you manage to snag a property for the average price you’ll be paying just over £2.4 million. Chelsea Square alone boasts an average price of just over £10 million, drastically increasing the average for this area.
4. Notting Hill, W11
Here is where the average price finally dips under the £2 million mark, but only just! Houses in this area cost around £1.9 million, a figure that’s gone up by 13.8% in the last year – that’s a brilliant growth for any property investors.
5. West Brompton, SW10
The most expensive property here may be tipping £80 million, but the average cost for the area is around £1.77 million. Prices are set to increase this year and with an average of a £195k increase in price last year, this is a strong area for investment.
Highest Value Places Outside London
It is no surprise that London dominates the most expensive areas in the UK, holding around one third of all properties costing over a million. So, if you’re looking to acquire a property in the most expensive areas outside of London you should look at:
1. Virginia Water, Surrey
Surrey appears to be the place to buy property if you have cash to spare, as it combines country living with London prices. Virginia Water is top of the list with an average property value of £1,188,944 million but some homes go for well over £5 million.
2. Cobham, Surrey
Being home to Chelsea Football Club’s training ground, many premier league players live here in the large houses which average out at around £1 million. In the last year the property value in this area shot up by 6.5% which provides a good investment.
3. Esher, Surrey
Esher is the first area on this list where the average house price will give you change from £1 million. Despite this lower price, they saw a much greater increase in value over the last year with a 10.6% rise. These characteristics make Esher a great place to buy investment property.
4. Richmond, Surrey
Not quite London, but close enough to be popular with many commuters. This town has great commuter links and plenty of parks and open spaces, which is why it boasts some of the highest priced property in the UK. The average house price is around £900k which has seen a 12.47% increase in the last year.
5. Beaconsfield, Buckinghamshire
Found between London and Oxford, Beaconsfield is perfectly located for the big city commuters. Because of this easy access, large buildings and plenty of green space, the average cost of a property in this area is just a shave under £900. The annual increase hasn’t been as impressive as some of the other areas, although it is still slightly above the national average at 4.7%.
So, if you’re looking to invest in one of the most expensive areas in the UK these are the places that should be grabbing your attention.
Article By Ben Lloyd
September 17th, 2014
Ben is the Director and Co-Founder of the Pure Group and Managing Director of Pure Property Finance.
Following a career in Barclays, where Ben was in the real estate finance team for 8 years, he decided that the market needed a more forward-thinking type of commercial brokerage so founded Pure Commercial Finance (now Pure Property Finance), the first company within the Pure Group.
Ben has extensive experience across the real estate sector and has participated in over £2bn of real estate transactions during the course of his career.
Ben oversees the general strategy at Pure Group and works with the senior leadership team to drive the Group forward. Ben is also on the Executive Committee of FIBA.See more articles by Ben