Stirling Ackroyd has plotted a map exposing the so-called ‘half million zone’.
With property prices breaking the £500,000 barrier in half (51%) of London postcodes Stirling Ackroyd has plotted a map exposing the so-called ‘half million zone’.
The estate agent’s London Hubs Tracker report found that half million pound postcodes now include the East End’s E1 district (£501,900) and Peckham’s SE15 (£503,000).
London house prices rose by 1.6% in Q3 2015 compared to Q2 to reach £540,200.
Andrew Bridges, managing director of Stirling Ackroyd, said: “London is increasingly another country. Within these borders, more and more territory is being claimed by home values only dreamed of by sellers in the past. Meanwhile, for buyers and for businesses – the wave is building outwards and eastwards.
“Sweeping house price averages have long been skewed by a minority of traditional super-expensive streets – but now the cost of a London home is rising more broadly. Average values for England or the UK may as well measure house prices in Peru – locally irrelevant when describing the fundamentally different and hugely complex London market.
“They say the past is another country too – and that is definitely the case in the capital. Gone are the days of the traditional prejudices about certain postcodes. London is more diverse than ever, but the boundaries are shifting and blurring. Lawyers and bankers are just as likely to live in Hackney as they are to choose Fulham, while the offices of law firms and financial services start-ups are found as frequently in Shoreditch or the Southbank as they are in the city.”
Other areas which recently joined the ‘half million zone’ are in E1W nearby Wapping and St Katherine’s Docks, averaging at £501,700 in Q3.
South of the river, the SE15 district, covering Peckham, also reached the half million mark in Q3 after rising by 3% from the previous quarter to £503,000.
These areas join more traditionally affluent postcodes such as Mill Hill in NW7 (£505,800) and Weybridge on the border with Surrey (£504,500).
