Research by Investec Specialist Private Bank shows that similarly there were eight London postcodes with average semi-detached property price sales of over £3 million compared to only one in 2009.
The next most expensive places to live in London are SW1W 9 (Westminster) and SW3 6 (Kensington), where last year average properties sold for £2.78 million and £2.39 million respectively.
W1J 5, which is in the City of Westminster, is the most expensive postcode in London. Last year, the average residential property sold here cost £3.98 million, and three terraced properties were bought for an average of £6.7 million each.
Jack Jones of Investec Specialist Private Bank said, “The multi-million pound London property market can be very competitive, which means potential buyers looking to borrow funds often need to be able to move quickly. This is a great opportunity for us because all our decision makers are in-house so we can make decisions in days not weeks. Also, we don’t just look at the value of one property; we consider all of a potential client’s assets, the affordability of their proposed purchase and also their earnings potential.”
The research reveals that prime property prices in London have enjoyed some strong growth. For example, three detached properties were sold in W14 8 (Hammersmith) last year for an average price of over £12.8 million each.
For the semi-detached London property market, SW10 9 (Kensington) saw three sales last year where the average price was £6.64 million per home. Three terraced properties in W1J 5 (Westminster) were sold last year with an average price of £6.775 million each. Some 12 terraced property were sold in W8 5 (Kensington) in 2010 with an average price of £4.38 million per property, and 19 were sold in SW3 6 (Kensington) for around £4.28 million each. 25 were sold in W11 2 (Kensington) for just over £4 million each.
In the London flat and maisonette market, SW1 W9 (Westminster), NW8 8 (Paddington) and NW1 4 (Camden Town) had 90 sales in 2010 between them, with an average price of over £2 million each.
Jack Jones of Investec Specialist Private Bank said, “The London prime property market is enjoying strong growth, and it should continue to perform well whilst the capital remains one of the most popular places to live for ultra-high net worth individuals.”
