Investec: W1J 5 is the Most Expensive Postcode in London

W1J 5 IS THE MOST EXPENSIVE POSTCODE IN LONDON1

 Research1 by Investec Specialist Private Bank reveals that ‘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 London prime property market continues to perform strongly.   In 2009, there were nine postcodes that had average detached property sale prices of over £2 million, but this increased to 20 a year later. Similarly, there were eight London postcodes with average semi-detached property price sales of over £3 million compared to only one last year.

 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. 

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 properties 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.”

Investec Specialist Private Bank offers a £Million Plus mortgage targeted at high net worth professionals who may not get paid along conventional lines, but could accrue irregular income such as lump sum bonuses.  The new custom-made mortgage offering takes overall income and wealth into account rather than just the value of an individual’s property and their regular monthly income.

The £Million Plus mortgage is aimed at the top end of the market, with loans available exclusively to individuals looking to borrow a minimum of £1 million2 with sustainable earnings in excess of £300,000 a year and an established balance sheet in excess of £3 million.  It says that these individuals typically purchase properties worth in excess of £1.5 million.  Investec Specialist Private Bank says that these individuals typically purchase properties worth in excess of £1.5 million.

The mortgages may be secured against a variety of assets including property, shares, investment holdings and offshore deposits, and are available in a number of currencies.  The offering is not limited to UK nationals and includes the purchase and refinance of UK property residence and investment properties.

For further information on Investec Specialist Private Bank mortgages, call Jack Jones on 0207 597 4601.