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The Housing Market in Central London – EC and WC Postcodes

Local Property Guide

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If you’re thinking of moving to central London, you’re probably already aware that this is one of the most expensive areas in the country to buy a house. We’ve taken a look at Zoopla data from the last 12 months and broken it down to give you a better idea of how much you can expect to pay in different areas of the city centre.
 

Average Property Prices in Central London

According to data from Zoopla (Nov 2019) the average house price in central London over the last 12 months, was £1,268,996. To give you an idea of how far your money will go, the average prices by property type are as follows:
 

  • Detached: No data, due to the lack of detached houses in central London
  • Semi-detached: £995,000
  • Terraced: £2,429,125
  • Flat: £805,366

 

Most Expensive Areas in Central London

What are the priciest areas to buy a house in central London? Top of the list is the Strand, WC2 postcode area, where you can expect to pay an average of £1,440,620 for a property. This includes some of the most recognisable street names in London: Chancery Lane, Drury Lane, Covent Garden, Leicester Square and Charing Cross. It’s a sought-after area for a number of reasons, not least its central location. The access to the best of the city’s amenities is unrivalled, with galleries, theatres, shops and restaurants on your doorstep, as well as excellent public transport links. Properties in WC2 are mostly apartments, with a mixture of new build and converted period properties available.

Fleet Street, EC4, is another of the most expensive areas in central London to buy a property. This postal district is bordered by the Thames to the south and Cheapside to the north, and it covers Fetter Lane, St Paul’s, Mansion House, Cannon Street, Blackfriars and Temple. Some of London’s most iconic sights are within EC4, including St Paul’s Cathedral and the Millennium Bridge, as well as Fleet Street, which is regarded as the home of the British printing press. It’s often thought of as a business district, but there is plenty to offer residents as well, with property prices averaging £931,288.

Finally, Bishopsgate, EC2, is central London’s third most expensive area. This covers the thriving area of Shoreditch; bustling Liverpool Street, with its station offering a gateway to the rest of the UK; Broadgate, which is the largest pedestrianised area in London; the busy commercial area of Old Broad Street; the municipal area of Guildhall; and the brutalist architecture of the Barbican. Centrally located, with great transport links and easy access to the rest of the city, you can see why EC2 is a desirable area to live in – but it will cost you if you want to buy a property here, with the average price being £930,900.
 

Central London’s Cheapest Areas

There are some more affordable areas if you want to live in the bustling city centre. One such district is Central West, the area covered by the WC1 postcode. This includes the charming are of Bloomsbury, which is well-known for its literary associations. It’s also regarded as a centre of intellect and learning, with the British Museum, University College London and the University of London all within Bloomsbury. WC1 also covers Kings Cross, which is served by Kings Cross Station with rail services to the north of England and Scotland. WC1 also includes western Finsbury and northern Clerkenwell. Prices in WC1 average £736,373, with a mixture of apartments, maisonettes and houses available to buy.

Fenchurch, EC3, is another of central London’s more affordable areas, with property prices averaging £738,453. This area sits on the banks of the Thames, and is steeped in history, with the Tower of London sitting within this district. It also includes Aldgate, which is often considered to be the gateway to London’s financial district and as such, is popular with young professionals working in the City. Other popular locations within EC3 are Fenchurch Street, Monument, Billingsgate, Gracechurch Street and Lombard Street. If you want to live in this area, you can expect to pay roughly £738,453 for a property.

Another of central London’s cheaper areas to buy a house is East Central, EC1. This includes the up-and-coming district of Clerkenwell, where you can find a variety of property types available, from Victorian and Georgian houses to post-war council blocks. It also includes the booming area of Farringdon, which offers great transport links across the city; Hatton Garden, which is famous as London’s jewellery quarter; and the buzzing area of St Luke’s, which borders Shoreditch and the Barbican. Property prices in EC1 average £782,908.
 

How Far Will Your Money Go in Central London?

Depending on where you choose to live in central London, the amount you can get for your money varies wildly. In Covent Garden, which is one of central London’s most expensive areas, you can expect to pay upwards of £1,500,000 for a one-bedroom flat. However, in Bloomsbury, which is one of the cheaper regions to buy in central London, you could get a two-bedroom flat for roughly £598,000.
 

Buying in Central London: Summary

There’s no doubt about it: if you want to live in the very centre of London, there’s a premium to pay. However, prices do vary depending on the area you choose to live in, with some parts of central London costing far more than others. If you want to live in Covent Garden or Leicester Square, for instance, you can expect to pay far more than if you buy a property in Bloomsbury or Aldgate.
 
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