What are the UK’s most expensive postcodes to buy a house in?

The property market’s outlook for 2023 remains uncertain as higher borrowing costs, due to rising interest rates, deter buyers from making transactions.

Some analysts predict house prices could fall by as much as 30% in 2023, erasing most of the explosive growth seen over the past couple of years.

Selling a house is stressful enough. News of a market downturn could prompt sellers to wonder whether now is the best time to sell, while buyers may wonder if now is a good time to buy a house.

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But GetAgent’s latest sellers report reveals several postcodes in the UK retain very attractive asking prices, giving sellers the upper hand.

Meanwhile, mortgage rates have started falling from the peak of 6.65% they reached in September and are broadly expected to continue falling, which could slow the current market downturn in the housing market.

Additionally the supply and demand imbalance the UK has experienced over the last few years is unlikely to go away any time soon and will likely continue to prop up the market.

And although several house price indices are predicting prices will fall in 2023, data from Rightmove shows asking prices were up 0.9% in January.

“Despite the turbulent year of 2022 having had an adverse effect on many homeowners’ selling prices, it’s been really positive to see that sellers in many areas of the UK were able to achieve significantly more than their original asking prices,” says Colby Short, co-founder and CEO of estate agent comparison site GetAgent.

Here we list the UK’s most and least expensive postcodes to buy a property in.

Which UK postcodes have the highest asking price?

“Living in a particular postcode can add thousands to your home’s value, whether that’s due to having prestigious schools (with catchment areas notoriously hard to get into) or even good transport links for commuters,” says Short.

“Surprisingly, while you might assume that homes closer to the capital would fetch higher asking prices, our research actually shows that it’s countryside destinations that are topping the list of expensive postcodes.”

Unsurprisingly London dominates most of the list, so the following data has excluded asking prices in the capital.

GU25 in Runnymede, Surrey, topped the list, with an impressive average asking price of £3,278,005. The results are perhaps unsurprising given the region’s beautiful countryside and proximity to the capital.

In second place came PA70, a postcode from the Isle of Mull, off the coast of Scotland, where the average asking price was £2,697,500. The island is the second-largest of the Inner Hebrides, and is home to “stunning wildlife and beautiful beaches”. Property is also in high demand, allowing sellers to raise their asking prices.

The town of Much Hadham in East Hertfordshire came third, with an average asking price of £2,689,229.

These are the top 20 most expensive postcodes in the UK:

Which UK postcodes have the lowest asking price?

The top four most affordable postcodes in the country were located in Scotland, with postcodes in Glasgow, Ayrshire and Renfrewshire all having asking prices of less than £78,500 in 2022.

The BD1 postcode for Bradford City centre came fifth, with an average asking price of £81,610.

When is the best time to list your property?

As for the best time to try to sell your home, GetAgent’s data revealed the spring and summer months were the most popular with those putting their homes on the market.

March, May and June ranked the three most popular months of the year thanks to warmer weather and “generally less plans for most people”.

The number of properties added as for sale in March were 371,208 while May and June saw 357,592 and 338,646 listings respectively.

The data revealed the average time it takes to sell a house is 95 days, but every sale will be entirely unique “and often unpredictable”, according to GetAgent.

November, December and October ranked as the least popular months to list a property as people avoid the stress of selling and moving over the Christmas period.

What about London postcodes?

The top 10 most expensive postcodes in London were all located in the borough of the City of Westminster.

W1K in Grosvenor Square had an average asking price of £7,053,451. W1S in Hanover Square had an asking price of £6,442,911 and SW1X in Belgravia came in third with an asking price of £6,056,584.

The top 10 least expensive London postcodes were in boroughs further from the city centre. For example, DA18 in Erith Marshes, Bexley had an average asking price of £251,079.

RM20 in West Thurrock was second, with an average asking price of £265,912, and RM19 in Purfleet, Thurrock, was third cheapest with an average price of £266,285.