Research by estate and lettings agent, Barrows and Forrester, has revealed which local councils are sitting at the top of their respective housing markets when it comes to the value of office bricks and mortar versus their wider area.
Barrows and Forrester analysed current market values across each postcode that was home to a local council head office and how this value compared to the wider area to reveal which councils have the most exclusive property portfolio.
The research shows that no less than 40% of local councils have their main offices located in outcode areas with more expensive property prices than the wider local authority.
Highest council house price premium (%)
When it comes to the highest property price premium, County Durham council ranks top. The council’s main office is located inside the DH1 postcode area where the average property price is £238,738.
The average property price across the wider local authority, however, is just £123,123, meaning that the council’s main office is located in an outcode area 94% more expensive than the wider region.
The Welsh council of Denbighshire boasts the second highest council office house price premium in Britain. Located within the LL15 postcode, the average property price is £300,241, 56% more valuable than the average across the wider local authority.
Other local councils to sit at the top of their local property markets include West Northamptonshire (52%), Ceredigion (48%), City of Westminster (44%), New Forest (43%), Lincoln (40%), East Ayrshire (40%), City of London (40%), and West Lancashire (39%).
Highest council house price premium (£)
Of course, London ranks top where the largest pounds and pence house price premium is concerned.
The City of Westminster’s local council office is located in the SW1 postcode, home to an average house price of £1.4m. While this is only 44% higher than the wider average in the borough, it comes in at a huge £434,098 more expensive.
Kensington and Chelsea (£373,433) and the City of London (£323,535) also rank within the top three.
Managing Director of Barrows and Forrester, James Forrester, commented:
“Who would have thought that 40% of councils have decided to pitch up in areas where property values are far higher than the wider areas they serve.
No wonder we can’t get simple tasks sorted like filling potholes, the majority of our council tax must be going on the upkeep of these pricey property portfolios.”
