London lettings and estate agency Benham and Reeves has calculated a league table of the most popular postcodes in the capital for investors and owner occupier buyers in the past year of the pandemic.
Checking all residential property transactions since the first lockdown in March 2020, the agency says there’s been just shy of 50,000 sales completed across the capital at an average £487,500.
Since March of last year, there have been 65 per cent more property sales across the capital’s peripheral boroughs compared to the number completed in inner London. Just 38 per cent of transactions (18,459) have taken place in inner London, while outer London accounts for 62 per cent (30,494).
The CR0 postcode of Croydon and Sutton has seen the most homes sold with 894 completed transactions; E14 in Tower Hamlets was second on 759; SW18 (622) and SW11 (614) in Wandsworth rank as the third and fourth busiest overall, while E17 in Waltham Forest places fifth with 584 homes sold since lockdown started.
“There’s no doubting that the unprecedented events of the last year have spurred many homebuyers to reevaluate their property priorities, opting for larger homes on the outskirts of the capital and beyond” says Marc von Grundherr, the agency’s director.
“This trend has led to the false assumption that inner London has lost its desirability and that buyer demand has evaporated completely. This simply isn’t the case and, in fact, parts of the inner London market have been performing very well since lockdown restrictions were imposed. As the capital starts to reopen for business, it is inevitable that demand for central London homes will continue to spread.
“An interesting trend that is also emerging is the choice by London buyers to sit on the geographical fence, opting for areas that fall on the borders of inner and outer London. This allows them to secure the larger home they seek for a lower price, but without completing forsaking the ability to commute across London with ease.”