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Yes, similar to the US. But British post codes (or at least the ones I’ve seen in London) are in fact very specific.

Indeed, a single postcode in the UK will contain (on average) about 20 addresses and (usually) only refer to a single street.

ZIP+4 in the US is quite specific, though. E.g., my ZIP code is probably > 50k people but the ZIP+4 is just my apartment building.