17 Feb The postcode property price gap – £37.7m difference between the top and bottom of the market
Research from the game-changing property platform, Boomin, has not only revealed which postcodes rank as the nation’s most and least affordable when it comes to the average price of a property, but also which postcodes are home to a gap of as much as £37.7m when it comes to the most and least expensive property purchased in 2021.
Boomin analysed sold price records for residential property transactions across England and Wales throughout 2021, highlighting how diverse house prices can be within the same postcode, as well from one area of the nation to the next.
Most and least affordable postcodes
The results show that when it comes to the outright highest average sold price in 2021, it’s not surprising that Mayfair’s W1K postcode sits top of the house price table. There were 21 transactions within the W1K postcode in 2021, averaging a huge £4.2m per sale.
London’s W1B (£42.m), WC2A (£2.7m), SW1A (£2.6m) and SW1X (£2.1m) also ranked amongst the most expensive postcodes for property sold in 2021.
At the other end of the market, the TS2 postcode to the north of Middlesbrough was home to the most affordable average house price in the last year. At just £32,000, the area came in almost £4.2m below the average price of a property in London’s W1K postcode.
Middlesbrough’s TS1 postcode (£50,000), Bradford’s BD1 postcode (£57,500), the DL4 postcode in Shildon, County Durham (£59,000) and Sunderland’s SR1 postcode (£60,000) also ranked amongst the most affordable in the nation.
Biggest market gaps within a single postcode
Boomin then looked at which postcodes were home to the largest house price gap between the most and least affordable homes sold in 2021.
This time it was Kensington’s W8 postcode that came out on top. While the average price of homes sold in 2021 sat at almost £2m, there was a £37.7m gap between the most expensive home sold (£38m) and the least (£335,000).
Outside of the capital, the OX7 postcode of Chipping Norton was home to the biggest gap between the top and bottom end of the market. Homes sold for an average of £395,000 in 2021, but the most affordable was a property sold for just £95,200, almost £18m less than the most expensive property transaction to have taken place in the postcode at £18,037,700.
Michael Bruce, CEO and Founder of Boomin, says:
“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.”
