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%.
Group CEO of Enness Global Mortgages, Islay Robinson, commented:
“For the very high end buyer, London remains the pinnacle of homeownership and in the most sought after pockets of the capital, property values aren’t as susceptible to wider market turbulence.
This remains evident over the first quarter of this year as London’s most prestigious postcodes continued to register very strong price performances while the rest of the market became paralysed from pandemic uncertainty and lockdown restrictions.
Yes, transactions have declined, but in a segment of the market where they are few and far between anyway, volume takes a back seat and price remains the leading indicator of market health.”