Postcode is more than just a handy tool letting the sorting office find out where you live; it also determines everything from the school your children are eligible for to car insurance costs and even whether you can get a free dentist or not.

But perhaps the biggest impact is on house prices. Identical homes facing each other on the same street can be tens of thousands of pounds apart in price because they have different postcodes.

To find out which postcodes are worth the most, Mouseprice.com has looked at the prices of all the homes sold in England and Wales since 2000 then created a matrix to calculate the average value of homes in every postcode.

If you have SW1W in your address then chances are your property’s worth a fortune, according to Mouseprice.com’s latest figures. It’s the postcode for Chester Square in London’s Belgravia area. The average home in Chester Square sells for a whopping £6,596,000 – despite being terraced – placing SW1W top of mouseprice.com’s overall chart. There’s a large green communal garden in the middle of the square, which may have been frequented by the square’s famous residents including Margaret Thatcher, Roman Abramovich and Mary Shelley.

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Read on as we reveal the most expensive postcodes in the different regions of England and Wales.