The New £1 Million Postcodes

Average costs of houses in London expected to be £1 million by 2030

The newest million pound postcodes have been revealed by Which? Mortgage Advisors in a survey into house sale prices throughout the capital.

London is already the third most expensive city in the world and the average home in London expected to cost £1 million by 2030, doubling market prices over the next fifteen years.

The south London borough of Wandsworth has been announced as the area with the most new million-pound postcodes, with 2.8% of postcodes in the area having two or more properties sold for £1 million or more for the first time last year. This increase in £1 million properties goes on top of the 715 million pound postcodes already popular in Wandsworth.

And if you take a closer look at the house sale data for London you can see that this rapid increase in the capitals house prices are multiplying with more super-expensive postcodes emerging all the time.

Even Hackney, once seen as an urban working class area, had an increase of its £1 million postcodes at the same rate as the luxury Kensington and Chelsea areas last year.

As house prices in central London continue to rise all but the super-rich seem to be priced out of the capitals house race. For more affordable properties house hunters should try Barking and Dagenham; the only areas in London that have yet to see a house sale for more than £1 million. Or you could try Hounslow or Lewisham where the average house prices are set below £350,000.