London’s W1K postcode – home to Claridge’s, The Dorchester and The Connaught – can command house price premiums of 88% compared to the wider borough of Westminster, analysis from Foxtons reveals.
Foxtons analysed house price performance across 13 London postcodes that are home to some of the most prestigious London brandmarks, from Claridge’s to the Hurlingham Club, the Sky Garden to the Shard.
The research shows that when it comes to the most prestigious London postcode, it’s the W1K area of Mayfair in the City of Westminster that comes out on top.
Home to iconic brandmarks such as Claridge’s, The Dorchester and The Connaught, property prices in Mayfair’s W1K postcode currently average £2,265 per square foot.
STRONGEST PREMIUM
Not only is this the highest house prices of all brandmark postcodes analysed by Foxtons, but W1K also commands the strongest premium, coming in 88% above the wider average for the wider borough of Westminster at £1,207 per sq ft.
However, the Westminster postcode faces stiff competition from the Knightsbridge postcode of SW1X, home to iconic brandmarks such as The Mandarin Oriental.
At £2,208 per square foot, it’s home to the second highest brandmark property prices, commanding a 67% premium even when compared to the capital’s priciest borough of Kensington and Chelsea.
Mayfair’s WIJ postcode ranks as the next most prestigious postcode, with an average price of £1,873 per sq ft and a premium of 55%.
Mayfair’s WIJ postcode ranks as the next most prestigious postcode, with an average price of £1,873 per sq ft and a premium of 55% versus the wider borough of Westminster – hardly surprising when it boasts brandmarks such as The Ritz, Annabel’s and Hakkasan.
Westminster’s WC2 postcode, home to the likes of The Ivy and The Savoy, also makes the top five with a 52% premium versus the wider borough, joined by the EC3 postcode and the Sky Garden, where the average property price is 47% higher than the wider City of London.
It’s also the Savoy and Ivy’s WC2 postcode that ranks top when it comes to the annual rate of house price growth seen across brandmark postcodes.
House prices in the area have climbed by 27% over the last year, whilst the average value of a home surrounding the Mandarin Oriental in the SW1X postcode of Kensington and Chelsea has increased by 11%.
PRESTIGIOUS POCKETS
Guy Gittins, Foxtons Chief Executive, says: “London’s famous brandmarks draw people from around the world to come and visit the capital and so naturally, properties within the same postcode can be in very high demand amongst London’s homebuyers.
“As they are also located in some of the most prestigious pockets of the London property market, a home within arm’s reach certainly won’t come cheap, costing well over £1,500 per square foot on average.
“In fact, living within close proximity to one of these famous brandmarks will see you pay a considerable premium compared to the wider boroughs which are already home to the highest house prices across the capital.”
