House prices in an area of west London have quadrupled in a year.
The area with the biggest price rise in England and Wales in 2016 was W1U 5, around Marylebone, in Westminster , which saw median prices jump 294% from £990,000 in 2015 to £3.9m in 2015, mostly due to a number of new build flats being sold at 24 Paddington Street.
The postcode was the most expensive postcode in England and Wales.
Overall, there are 81 postcodes in west London where the median price in 2016 was £1m or more.
The area with the biggest price fall in England and Wales in 2015 was SW1X 7, around Belgravia and Knightsbridge , which saw median prices fall 62% from £5.8m in 2015 to £2.3m in 2016.
This is likely a return to a more normal trend, after a £17m flat sold at One Hyde Park in 2015, the median price in the area was £2.1m in 2014.
The postcode with the lowest prices was UB3 5, around the Harlington area, where the median price was £214,999.
The postcode with the lowest median price in England and Wales was SR8 4, around Horden in County Durham, at £25,000.
Changes in price may be due to more demand pushing up prices or a changing type of property being sold in the area, particularly if new homes have been built.
Sold prices are taken from the Land Registry’s price paid data.
Areas with four or fewer sales in either 2015 or 2016 have been excluded.
Research carried out by JLL suggests West Drayton and Ealing Broadway are amongst the areas set to see the biggest rise in house prices as the Elizabeth line railway nears completion.
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