Like everywhere else in the UK, particularly in London, the Greenwich property market has seen substantial changes in the last five years.
Obviously, housing prices have been on the rise. But there are other differences between now and 2013.
This blog will take a look at these changes. It is only by looking at recent trends we can get an idea of what things will be like in the future.
Now, we can’t predict what the market will look like in another five years. Especially with the uncertainty of Brexit.
But this is the best way to get some indication.
All statistics have been taken from the Land Registry Index.
Housing Prices Have Gone Up, but Remain below London Average
In June 2013, the average price of a property in Greenwich was £248,787. In June 2018, that figure was £395,501.
It’s interesting to note this has actually gone down in the last year. In September 2017, the average price was at £408,225.
But as of right now, prices have increased by 59 percent in five years.
This remains lower than the London average, which stands at £481,819.
The gap has closed, however. Whilst the London average used to be 30 percent higher than Greenwich, it now sits at 22%.
How Has This Affected the Local Area?
It’s difficult to say with any degree of certainty whether housing prices are more affected by changes in the local area, or whether cultural changes in the local area have a bigger impact on housing prices.
The truth is, it’s a little bit of both.
Greenwich, particularly East Greenwich, is what many would call an “up-and-coming” area. In recent years, it has become a very popular spot for young professionals and families.
This has been made possible due to thousands of new homes being built along the Thames.
Projects are currently underway at Greenwich Peninsula, Enderby Wharf along Trafalgar Road and Blackwall Lane.
Brands such as Costa Coffee, Sainsbury and soon to be IKEA (early 2019) have recently moved to the east part of Greenwich area.
What Makes Greenwich Such a Desirable Place to Live?
Greenwich is certainly having a moment.
The growing popularity of this part of London is not unexpected, but few would have thought it would become the hotspot it has.
It boasts some of the most spectacular architecture in the capital, and that is only set to get even more special with the £1 billion crown-topped housing development.
In addition, the O2 Arena is based in Greenwich.
So you’ve got highly-popular concerts and events on right through the year, just on your doorstep, if you’re lucky enough to live nearby.
You’ll also find a variety of excellent food and drink establishments here. Good old fashioned British pubs, hip new bars, and every cuisine you can think of.
All in all, it’s easy to see why Greenwich is a popular place to live. The excellent transport links to the rest of the city are the icing on the cake.
Semi-detached Homes Have Increased in Price More than Other Property Types
Every type of home has increased in average property price over the last five years - by 59 percent, as mentioned.
But when you break it down by the types of property, there are a few small differences.
The cost of a semi-detached home has gone up the most at 62 percent.
Detached homes a little less at 61 percent, terraced properties at 59 percent, and flats at 58 percent.
The fact that three of those mentioned are at or above the overall average, suggests that most property sales are either flats or terraced houses.
There Are Fewer New-Builds than There Were Five Years Ago
In May 2018, just 27 new-build properties were sold in the Greenwich area.
This isn’t that unusual, it is fairly common for sales to be quite low in any particular month, but it does happen more than it used to.
In the second half of 2013, the sales numbers each month were 33, 50, 82, 111, 71 and 71.
So far in 2018, those figures have been 41, 41, 42, 53 and 27. Not significantly lower, but it does show a trend.
Sales for new-builds actually peaked in April 2014, when 256 properties were bought.
First Time Buyers Pay below Average for a Home
As you might expect, a first time buyer is only likely to be able to afford a cheaper property.
Currently, the average amount a first time buyer pays is around £356,093 - 10 percent lower than the overall average.
That means people who were previously owners of property are paying over the average. 15 percent over, at an average of £454,332.
For both types, the overall increase is in line with the other figures at around 58-59 percent over the last five years.
So first time buyers are no worse off than existing owners, in this respect.
Hunters - Our Greenwich Branch
Whether you’re a first time buyer or not, Hunters can help you get on the property market in Greenwich.
We’re a relatively new branch, based at 147 Trafalgar Road, in Greenwich (naturally).
If you’d like to pop in to discuss property in the local area, our team would be delighted to speak to you.
At the minute, we only have a handful of properties on the market in Greenwich. But we’re expecting that to grow a lot further over the next few months and years.
So there’s a few options for now, and you’ll have a lot more further down the line. Whatever you decide, we’ll be there to assist you every step of the way. You can call our sales team on 0207 394 1160.