Another 10 London postcodes join the £1million property club including Hackney, Hendon, Hornsey and Vauxhall

Ten London postcodes have joined the prestigious ranks of the £1million property club since March 2020, according to new figures. 

Hackney, Hendon, Hornsey and Vauxhall are among the areas in the capital which now qualify for admission.

To make it into the new £1million market, at least 20 per cent of sales in an area must have been above that level in two or more three-month periods since the second quarter of 2020. 

Outside the capital, new areas to make it on the list include North and West Oxford, Tunbridge Wells and Reading.   

Estate agents Knight Frank said the figures underline the growing demand for more space and green scenery after successive coronavirus lockdowns.

The likes of Hackney (E8), Ealing (W5) and Vauxhall (SW8) have benefitted from price growth which has rippled outwards from Central London, Knight Frank said.

Tom Bill, the firm's head of UK residential research, said: 'The pandemic has left its mark on the UK property market by magnifying existing trends rather than re-writing the rulebook,' said Tom Bill, its head of UK residential research.

'Things won't pick up from where they left off in March 2020 but the wider trajectory will feel familiar.  

Ten London postcodes have joined the prestigious ranks of the £1million property club since March 2020, according to new figures. Hackney, Hendon, Hornsey and Vauxhall are among the areas in the capital which now qualify for admission. Above: This four-bed property in Hackney is on the market for £1.5million

Ten London postcodes have joined the prestigious ranks of the £1million property club since March 2020, according to new figures. Hackney, Hendon, Hornsey and Vauxhall are among the areas in the capital which now qualify for admission. Above: This four-bed property in Hackney is on the market for £1.5million 

The 19 new postcodes which have made it in to the ranks of the £1million property club 

Postcode Location Number of quarters with at least 20% of salesabove
£1million since Q2 2020
Average price in £ (six months to March 2021)
1 N20 Whetstone 4 878,631
2 GU10 Farnham 4 772,924
3 TN7 Hartfield 3 1,082,029
4 KT2 Kingston Upon Thames 3 926,536
5 W5 Ealing 3 792,677
6 NW7 Mill Hill 3 765,712
7 KT22 Leatherhead 3 764,596
8 N8 Hornsey 3 756,198
9 W13 West Ealing 3 755,704
10 RH8 Oxted 3 719,737
11 SW8 Vauxhall, Nine Elms 3 707,152
12 TN3 Tunbridge Wells 2 822,332
13 OX2 North and West Oxford 2 813,735
14 N19 Upper Holloway 2 777,488
15 E8 Hackney 2 763,371
16 RH3 Betchworth 2 747,268
17 RG8 Reading 2 737,974
18 NW4 Hendon 2 706,591
19 GU23 Woking 2 610,815
The 19 new postcodes which have made it in to the ranks of the £1million property club 
Postcode Location Number of quarters with at least 20% of salesabove
£1million since Q2 2020 Average price in £ (six months to March 2021) 1 N20 Whetstone 4 878,631 2 GU10 Farnham 4 772,924 3 TN7 Hartfield 3 1,082,029 4 KT2 Kingston Upon Thames 3 926,536 5 W5 Ealing 3 792,677 6 NW7 Mill Hill 3 765,712 7 KT22 Leatherhead 3 764,596 8 N8 Hornsey 3 756,198 9 W13 West Ealing 3 755,704 10 RH8 Oxted 3 719,737 11 SW8 Vauxhall, Nine Elms 3 707,152 12 TN3 Tunbridge Wells 2 822,332 13 OX2 North and West Oxford 2 813,735 14 N19 Upper Holloway 2 777,488 15 E8 Hackney 2 763,371 16 RH3 Betchworth 2 747,268 17 RG8 Reading 2 737,974 18 NW4 Hendon 2 706,591 19 GU23 Woking 2 610,815
Postcode Location Number of quarters with at least 20% of salesabove
£1million since Q2 2020 Average price in £ (six months to March 2021)

PostcodeLocationNumber of quarters with at least 20% of salesabove
£1million since Q2 2020
Average price in £ (six months to March 2021) 1 N20 Whetstone 4 878,631 1N20Whetstone4878,631 2 GU10 Farnham 4 772,924 2GU10Farnham4772,924 3 TN7 Hartfield 3 1,082,029 3TN7Hartfield31,082,029 4 KT2 Kingston Upon Thames 3 926,536 4KT2Kingston Upon Thames3926,536 5 W5 Ealing 3 792,677 5W5Ealing3792,677 6 NW7 Mill Hill 3 765,712 6NW7Mill Hill3765,712 7 KT22 Leatherhead 3 764,596 7KT22Leatherhead3764,596 8 N8 Hornsey 3 756,198 8N8Hornsey3756,198 9 W13 West Ealing 3 755,704 9W13West Ealing3755,704 10 RH8 Oxted 3 719,737 10RH8Oxted3719,737 11 SW8 Vauxhall, Nine Elms 3 707,152 11SW8Vauxhall, Nine Elms3707,152 12 TN3 Tunbridge Wells 2 822,332 12TN3Tunbridge Wells2822,332 13 OX2 North and West Oxford 2 813,735 13OX2North and West Oxford2813,735 14 N19 Upper Holloway 2 777,488 14N19Upper Holloway2777,488 15 E8 Hackney 2 763,371 15E8Hackney2763,371 16 RH3 Betchworth 2 747,268 16RH3Betchworth2747,268 17 RG8 Reading 2 737,974 17RG8Reading2737,974 18 NW4 Hendon 2 706,591 18NW4Hendon2706,591 19 GU23 Woking 2 610,815 19GU23Woking2610,815

The area with the most quarters above the £1million threshold was Whetstone (N20), followed by Farnham (GU10), Hartfield (TN7) and Kingston Upon Thames (KT2).

Other areas outside the capital with new £1million markets included North and West Oxford (OX2), Tunbridge Wells (TN3) and Reading (RG8). 

The average house price in England and Wales was 47 per cent of the London equivalent in March 2016, the lowest ratio since Land Registry records began in 1995. 

It has been rising since and stood at 54 per cent in June this year due to stronger demand and price growth outside of the capital.

The figure peaked at 70 per cent in October 2005, before the global financial crisis, which struck in 2007.    

Newquay in Cornwall saw the largest house price increase (22 per cent) in the year to March 2021, followed by Ride on the Isle of Wight (19 per cent).

The top five is completed by Chapeltown in Leeds (19 per cent), Lymington in the New Forest (18 per cent) and St Austell in Cornwall (17 per cent). 

To make it into the new £1million market, at least 20 per cent of sales in an area must have been above that level in two or more three-month periods since the second quarter of 2020. Above: Hendon, in north-west London, has also made it on the list. This six-bed home is on the market for £2.85million

To make it into the new £1million market, at least 20 per cent of sales in an area must have been above that level in two or more three-month periods since the second quarter of 2020. Above: Hendon, in north-west London, has also made it on the list. This six-bed home is on the market for £2.85million

Hornsey, in north London, is one of the new places on the £1million list. Above: This six-bed home in the area is on the market for £2,950,000

Hornsey, in north London, is one of the new places on the £1million list. Above: This six-bed home in the area is on the market for £2,950,000

Vauxhall, in south London, is another area to make it on the list. A three-bed apartment in The Tower development (pictured) at St George's Wharf is on the market for £2.6million

Vauxhall, in south London, is another area to make it on the list. A three-bed apartment in The Tower development at St George's Wharf is on the market for £2.6million

The common factor with the areas is their significant distance from London, where property prices are already sky-high.

It highlights how the rest of the country is now catching up.

Average London house prices in June this year were 71 per cent above their peak prior to the 2007 crisis, in November of that year.    

News of the new entries into the £1million club comes after it emerged that the number of property transactions in the UK plummeted by 63 per cent between June and July of this year, as the end of the main stamp duty holiday caused demand to plummet.

Ealing, in West London, is also one of the areas in London to make it onto the list. Above: This seven bedroom home in Ealing is on the market for £3.5million

Ealing, in West London, is also one of the areas in London to make it onto the list. Above: This seven bedroom home in Ealing is on the market for £3.5million

According to official figures from HMRC, there were 73,700 property transactions during July on a seasonally-adjusted basis, a fall of almost two thirds month-on-month.  

The stamp duty holiday allowed buyers to save £15,000, because they were not required to pay the tax on the portion of any property purchase under £500,000. 

This ended on 1 July when the nil-rate band was reduced to £250,000, meaning a maximum saving of just £2,500 which will last until 30 September.

In its statement, HMRC described the drop in transactions as an 'expected but noticeable decrease'.

The figure was still 4.2 per cent higher than July 2020, when the UK had recently emerged from the first national lockdown and the stamp duty holiday had just been introduced. 

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