It’s no secret that buying a house in London typically comes with an astronomical price tag.
But, whether you’re looking to get on the property ladder for the first time or you’re in search of a new four-walled adventure, there’s one postcode in the capital that’s seen some of the UK’s biggest house price discounts of late.
According to new figures, the Big Smoke’s W postcode – which spans areas including the West End, Paddington and Marylebone – takes the crown in this area, wielding significant potential on the property front.
As per the research, from UPSTIX, this London postcode has seen homes selling for as much as 6.5% below the asking price – so if you’re looking to stake your claim in the capital, this could be your moment.
However, it’s worth noting that average house prices in this area certainly aren’t as cheap as chips, with data from Rightmove noting that in Marylebone specifically, the average sold price was £1,582,025 over the last year.
Terraced properties were in notable demand, racking up average costs of £2,654,593, while the figure for semi-detached houses was even higher, at a staggering £7,800,000.
Notably, though, Marylebone isn’t just known for its famous train station – it’s served both visitors and locals with its close proximity to the centre, as well as access to green spaces like Regent’s Park and Hyde Park.
Overall, this area – hailed as ‘glorious’ by one particularly enthusiastic Reddit thread – ranked in second place UK-wide, with the PR postcode covering Preston, Southport and Leyland up in Lancashire securing the top spot.
Here, the price change from listed to sold averaged a whopping -8.9% – so if there’s any sign that sometimes, it’s okay to bid under the asking price, this is it.
There were four other London postcodes in the top 10, with NW (Camden, Hampstead, Kilburn) notably in third place with average decreases of -6.4%.
In fourth place was WC (Bloomsbury, Holborn, Strand) at -6%, while SW (Chelsea, Wandsworth, Clapham) came in at -5.8%.
And though they might be further from the centre, HA (spanning Harrow, Wembley and Ruislip) experienced averages of -5.5%, and TW (Twickenham, Hounslow, Teddington) -5.4%.
‘Our data highlights a really important point in your home buying journey, an asking price is only ever that — the price you are asking for and not the price you actually achieve for your property,’ chief operating officer at UPSTIX, told the Evening Standard of the new figures.
‘Far too often people are lured by over-optimistic valuations when it comes to selling their homes…but it is often these overvaluations that cause problems such as a lack of interested buyers, long listing times leading to eventually having to reduce the asking price.’
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