£500,000 zone spreads across London

The Greater London property boom is spreading with average prices in more than half of all postcodes breaking through £500,000.

Half-million-pound postcodes now include the East End’s E1 district at £501,900 and Peckham’s SE15 at £503,000.

But homes for under half a million persist as centrally, including SE16 at £474,600, home to the Canada Water tube stop.

Business activity is growing fastest in these more affordable parts of the capital, led by South East and East London, according to new analysis from Stirling Ackroyd, in the latest London Hubs Tracker.

Average home prices across the whole of Greater London hit £540,200 in the third quarter of last year, at an annualised growth rate of 6.6%.

Out of 279 postcode districts falling within Greater London, 142 now have local property prices averaging at least £500,000, representing 51% of the capital.

While the majority of Greater London now has property prices averaging above half a million pounds, the same is true for less than 1% of the rest of England & Wales, where 99.4% of postcode districts have average property values under half a million pounds.

Andrew Bridges, managing director of Stirling Ackroyd, said, “London is increasingly another country, with more and more territory being claimed by home values only dreamed of by sellers in the past.”

Bridges added: “Gone are the days of the traditional prejudices about certain postcodes. Lawyers and bankers are just as likely to live in Hackney as they are to choose Fulham, while law firms and financial services start-ups are found as frequently in Shoreditch or the Southbank as they are in the City.”