While Brexit and Covid-19 have wreaked havoc on property prices in some parts of the country, London’s most expensive postcodes remain strong.
The latest property figures show the median sold price for homes in the capital over £3m hit £4.5m in the first quarter of this year, despite the disruption caused by COVID-19, which is a six per cent increase year-on-year.
However, pandemic uncertainty has had an impact, with transactions declining – 42 per cent when compared to this time last year and 17 super-prime postcodes failing to register a sale in the first three months of the year.
While properties in the eternally exclusive enclaves such as Mayfair and Chelsea remain buoyant in the aftermath of COVID-19, there are pretenders to the capital’s property throne, with areas of north London seeing huge rises in average prices.
According to the high-net-worth mortgage broker, Enness Global, N2, north of London’s Hampstead Heath, has seen the biggest rises with a 263 per cent increase on property prices in that postcode in the first three months of 2020. Average house prices in the area hover at an eye-watering £14.1million.
Enness Global Group CEO, Islay Robinson, said London remains the place to be for many of the world’s richest.
”For the very high-end buyer, London remains the pinnacle of homeownership and in the most sought-after pockets of the capital, property values aren’t as susceptible to wider market turbulence.
‘This remains evident over the first quarter of this year as London’s most prestigious postcodes continued to register very strong price performances while the rest of the market became paralysed from pandemic uncertainty and lockdown restrictions.
”Yes, transactions have declined, but in a segment of the market where they are few and far between anyway, volume takes a back seat and price remains the leading indicator of market health.”