It may well be too early to tell how the UK property market is faring in response to the double whammy of Brexit and a global pandemic.
However, in a handful of London postcodes, there’s rarely bad news for homeowners, with prices staying firm, and even rising in some cases.
While properties in the eternally exclusive enclaves such as Mayfair and Chelsea remain buoyant in the aftermath of Covid-19, there are pretenders to the capital’s property throne, with areas of north London seeing huge rises in average prices.
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Teflon! Prices in London’s fast-rising northern quarters – including N6, N2 and NW8 – appear to be rising in the face of Brexit and Covid-19. This contemporary mansion in Highgate is on the market for £40million
According to high-net-worth mortgage broker, Enness Global, N2, north of London’s Hampstead Heath, has seen the biggest rises with a 263 per cent increase on property prices in that postcode in the first three months of 2020. Average house prices in the area hover at an eye-watering £14.1million.
Enness Global Group CEO Islay Robinson, said London remains the place to be for many of the world’s richest.
‘For the very high-end buyer, London remains the pinnacle of homeownership and in the most sought-after pockets of the capital, property values aren’t as susceptible to wider market turbulence.
‘This remains evident over the first quarter of this year as London’s most prestigious postcodes continued to register very strong price performances while the rest of the market became paralysed from pandemic uncertainty and lockdown restrictions.
‘Yes, transactions have declined, but in a segment of the market where they are few and far between anyway, volume takes a back seat and price remains the leading indicator of market health.’
Here, we offer the low-down on the super-prime postcodes where property prices only go in one direction:
N2 NORTH LONDON (average price £14.1million)
North/South divide? In London, at least, the northern portion of the city seems to be seeing the biggest increases, with properties in N2 commanding an average of £14.1million in the first three months of the year. Pictured: a property on Bishop’s Avenue, currently on the market for £17million
Supercar not included: the N2 postcode saw a 263 per cent increase on prices in the first quarter Pictured: an N2 home available for £10.5million
SOLD! LONDON’S PRICIEST FLAT SELLS FOR £110M in NW8
The NW8 postcode was home to London’s most expensive public sale in the first quarter of this year, with a flat on Hamilton Terrace going for £110m.
The postcode has also seen the third-largest increase in sold prices compared to the first quarter of last year at 92 per cent.
Key to the spiralling success of leafy N2, in North London, is arguably just one street.
Bishops Avenue, which snakes down…