August 27th 2024.
Buying a house in London can be quite a daunting task, especially when you consider the exorbitant prices that come with it. However, for those who are determined to take the plunge into home ownership, there is a ray of hope in the form of one particular London postcode. The W postcode, which includes areas such as the West End, Paddington, and Marylebone, has recently seen some of the biggest discounts on house prices in the UK.
According to a recent study by UPSTIX, this postcode has witnessed homes being sold for as much as 6.5% below the asking price. This presents a great opportunity for those looking to own a property in the capital. Although it's worth noting that the average house prices in this area are still quite high, with the average sold price in Marylebone being £1,582,025 over the last year. Terraced properties in this area are in high demand, with an average cost of £2,654,593, while semi-detached houses have an even higher average cost of £7,800,000.
Apart from its luxurious property market, Marylebone is also known for its convenient location and access to green spaces like Regent's Park and Hyde Park. Its famous train station has been a hub for both visitors and locals, making it a desirable place to live. There is plenty to explore in Marylebone's many side streets, making it a charming and vibrant area to call home.
The W postcode ranks in second place in the UK, with the PR postcode in Lancashire securing the top spot. The price change from listed to sold in this area averaged at a whopping -8.9%, proving that sometimes it's okay to bid under the asking price. There were four other London postcodes in the top 10, with NW coming in at third place with an average decrease of -6.4%, followed by WC at -6%, and SW at -5.8%.
In recent news, London is bracing itself for the hottest day of the year, while rents in the city continue to skyrocket. However, there is some good news for first-time buyers as a London borough has been crowned as the best place to live in the capital. Waltham Forest, located just above Stratford, has been declared the ideal spot for young people looking to get on the property ladder. This east London borough offers low council tax, plenty of greenery, and good transport links.
The analysis, conducted by housing developer Pocket Living, also took into account factors such as crime rate and access to markets, allotments, bakeries, and pubs. Chingford, Walthamstow, Leyton, and Leytonstone are the four areas within Waltham Forest, each with its own unique charm and rich British heritage. These areas may be further from the city center, but they have seen average decreases of -5.5% and -5.4% in house prices for HA and TW postcodes, respectively.
The chief operating officer at UPSTIX, who conducted the study, stresses the importance of not being lured by over-inflated valuations when selling a property. He explains that many people fall into this trap, leading to a lack of interested buyers and eventually having to reduce the asking price. The Evening Standard reports that the average price change from listed to sold in the top 10 UK postcodes with the biggest discounts are as follows: PR at -8.9%, W at -6.5%, NW at -6.4%, WC at -6%, SW at -5.8%, HA at -5.5%, TW at -5.4%, SL at -5.2%, LD at -5.2%, and BH at -5%.
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