New research from London estate agent Benham and Reeves has revealed the capital’s most sought-after prime property postcodes, with Westminster’s W1B area commanding the highest average sale price of £6.225 million in 2024.
The analysis, based on Land Registry data, highlights where high-end homebuyers are investing and which areas are experiencing the greatest volume of premium property transactions.
Across London’s prime property market, 1,591 homes changed hands for £2 million or more in 2024, with the average sale price hitting £2.75 million – an eye-watering 438% above the wider London average.
When it comes to market activity, Fulham’s SW6 postcode saw the highest number of sales, with 102 homes selling for £2 million or more. Chelsea’s SW3 followed with 78 high-value transactions, while Barnet’s NW3 recorded 68 sales.
MOST EXPENSIVE
While Fulham and Chelsea led in transaction volume, Westminster’s W1B postcode – stretching from Regent’s Park to Oxford Circus – secured the crown for the highest average sale price at £6.225 million.
WC2H, covering parts of Camden and Westminster, ranked second, with prime properties selling for an average of £5.19 million, while SW1W in Westminster secured third place at £4.545 million.
PRIME PREMIUM
While Westminster dominates in raw property values, the greatest price premium compared to borough-wide averages was recorded in Tower Hamlets’ E1 postcode – encompassing City fringe areas such as Aldgate. With an average prime property sale price of £3.38 million, E1 saw a staggering 648% premium over the borough’s wider average.
These figures underscore the resilience of London’s ultra-prime market, with affluent buyers still willing to pay top-tier prices for the capital’s most exclusive addresses.
HIGH-END HOMEBUYERS
Marc von Grundherr, Director of Benham and Reeves, says: “Much has been made of the decline in demand for prime London properties but with over 1,500 transactions taking place for £2m or more over the last year, it’s clear that high-end homebuyers still view the capital as a worthwhile investment.
“It’s also interesting to see that whilst the traditional prime heartlands remain the go to for many buyers, there are prime transactions taking place the length and breadth of the capital, with homes selling for £2m or more across the likes of Bromley, Croydon, Havering and Ealing.
“This demonstrates that, whilst the pandemic is thankfully firmly behind us, prime London buyers are continuing to look to the peripherals of the capital in search of larger homes and a greater abundance of outdoor and green space.”
