Revealed - Postcode property price gap has up to £37...

Property platform Boomin revealed which postcodes in England are the most and least affordable. Postcodes home to a gap of up to £37.7 million, when it comes to the most and least expensive properties purchased last year, were also revealed.

By analysing sold price residential property transactions across England and Wales throughout 2021, Boomin was able to accumulate these results.

Overall, the results highlight how varied house prices within the same postcode and different areas can be.

Most and least affordable postcodes in England

According to the research, Mayfair’s W1K postcode had the highest average sold price in 2021 as around 21 transactions were averaging at £4.2 million per sale.

Across the capital, many postcodes ranked highly as some of the most expensive postcodes for properties sold last year.

These postcodes include London’s W1B which averaged 4.2 million, WC2A at £2.7 million, SW1A at £2.6 million, and SW1X at £2.1million.

In contrast, the north of Middlesbrough had some of the most affordable average house prices in the last year. With an average of £32,000, the area came in almost £4.2 million below the average price of a property in London’s W1K postcode.

Below is a table of postcodes with the highest median sold price in 2021.

Outcode	Area	Transactions	Median Sold Price
W1K	Mayfair / Grosvenor Square	26	4,227,944
W1B	Portland Place / Regent Street	7	4,195,000
WC2A	Lincoln's Inn Fields / Royal Courts of Justice / Chancery Lane	5	2,745,000
SW1A	Whitehall	4	2,575,000
SW1X	Belgravia / Knightsbridge / Chelsea	63	2,139,000
W8	Kensignton / Holland Park	210	1,950,000
W1S	Mayfair / Hanover Square / Savile Row	2	1,922,500
SW1W	Belgravia / Chelsea / Sloane Square	53	1,700,000
SW7	South Kensington / Knightsbridge	169	1,625,000
W1G	Harley Street	27	1,510,000

Largest market gaps within a single postcode

Postcodes home to the largest house price gap between the most and least affordable homes sold in 2021 were also analysed.

Kensington’s W8 postcode comprised of £2 million of homes sold in 2021, as well as a £37.7 million gap between the most expensive home sold (£38 million) and the least (£335,000). making it the postcode with the largest market gap.

The OX7 postcode of Chipping Norton has the biggest gap between the top and bottom of the market. Some of the most affordable properties sold for £95,200 while on average they sold for £395,000 in 2021. In total, this is around £18m less than the most expensive property transaction to have taken place in the postcode at £18,037,700.

The table below shows postcodes with the largest gap between the highest and lowest sold price of a property in 2021

Outcode	Area	Transactions	Median sold price	Highest sold price	Lowest sold price	House price gap
W8	Kensington / Holland Park	210	1,950,000	38,000,000	335,000	37,665,000
SW19	Wimbledon / Colliers Wood / Merton Park / Merton Abbey / Southfields / Morden	909	685,000	34,800,000	123,000	34,677,000
NW8	St John's Wood / Primrose Hill / Marylebone	221	950,000	31,602,320	200,000	31,402,320
NW3	Hampstead / Belsize Park / Frognal	546	1,005,325	25,900,000	178,750	25,721,250
W14	West Kensington / Olympia / Holland Park	311	675,000	25,000,000	200,000	24,800,000
W2	Paddington / Bayswater / Hyde Park	398	830,000	23,500,000	127,500	23,372,500
SW3	Chelsea / Brompton / Knightsbridge	231	1,500,000	23,000,000	168,000	22,832,000
W1K	Mayfair / Grosvenor Square	26	4,227,944	22,000,000	368,000	21,632,000
SW10	West Brompton / Chelsea	168	1,012,500	20,000,000	272,000	19,728,000
W11	Notting Hill / Holland Park	227	1,200,000	18,300,000	274,000	18,026,000

Michael Bruce, chief executive officer and founder of Boomin concludes: “The property market has been performing very well of late but it’s important to remember that when you come to sell your house, the market can be extremely diverse even within the same postcode, let alone from one postcode to the next.”

“Therefore, market research around average property values can only take you so far and while they will give you a ballpark figure of what homes are worth in your area, they won’t take your property’s unique features, size or location into account.”

“Luckily there are tools available to help you do this albeit they don’t replace the accuracy of a local estate agent.”

“Our SmartVal platform takes the best of both to deliver the most accurate valuation for your home with the support of great local agents and this will not only mean you achieve the most accurate price, but it will also see you benefit from a faster sale as unrealistically valued properties often stagnate on the market for months on end.”