House prices in Greater London have edged higher in the past 12 months even as the outbreak of coronavirus posed fresh challenges for buying and selling property.
Figures from Barclays Mortgages’ postcode property index have revealed the postcodes in the capital which have seen the fastest house price growth over the past 12 months.
And it is properties south of the river that are benefiting from the relative boom in property prices despite the pandemic triggering the worst downturn in memory.
House prices in Purley grew two per cent in the six months from March 2020, followed by Selsdon and Sanderstead which edged 1.9 per cent higher in the same period.
House prices in New Malden and Kingston upon Thames in south-west London grew 1.7 per cent, while Tolworth increased by 1.8 per cent.
The top five London postcodes
|CR2||Selsdon and Sanderstead||1.9%|
|KT2||Kingston upon Thames||1.7%|
Barclays Mortgages’ figures show Greater London’s average postcode percentage growth up 2.1 per cent over the past 12 months. The average house price in August 2020 in Greater London was £475,980.
While London postcodes are enjoying the benefits of the pent-up demand, properties in the North West are reporting even higher increases.
Oldham’s OL8 postcode tops the index, having seen a 5.7 per cent increase in prices in the past year. Homes in the area are now 1.2 per cent higher than the rest of Manchester.
The area has no doubt been boosted in part by a number of new regeneration projects in the area, as well as handy transport links to Manchester.
House prices in OL8 are now £174,835, which is approximately £63,000 below the national average of £217,600.
The postcode property index also shows that property prices in the Wolverhampton postcode WV2 have increased 4.5 per cent in the last 12 months, a staggering 1.6 per cent more than the rest of the city.
“We understand that the pandemic added fresh challenges to the process of buying and selling property, and we hope the Postcode Property index will help inform those looking to move; to help them better understand the regional price fluctuations in their local area”, Lee Chiswell, director of Barclays Mortgages said.