Greenwich can be a tough place to find accurate information like any city in the UK. Read on to learn about which data to stay on top of when looking at house for sale in Greenwich.
On top of this, keep reading for detailed information on the demographics of Greenwich in London. This is crucial in finding houses for sale in the UK, that are worth investing in for the long term too.
In general, what do houses for sale sell for in Greenwich?
There are a lot of factors that impact the final sale price a house for sale sells for in the UK and in Greenwich. In Greenwich, this sale price works out to be £420,967. As an example, a factor like population growth over the last 10 years which works out to be 16% in Greenwich and impacts house prices of the houses for sale.
| Housing category | Total final sale price |
|---|---|
| Average sold price (detached) | £761,029 |
| Average sold price (semi-detached) | £555,357 |
| Average sold price (terraced) | £489,460 |
| Average sold price (flat) | £375,920 |
Above, the exact type of house is also shown to vary in price in a table in Greenwich. You may think that the bigger the house is the more expensive, but actually, this table is more based on the demand for the properties in each category.
| Housing category | Sale price per square foot |
|---|---|
| Average sold price/sqft | £5,380 |
| Average sold price/sqft (new build) | £5,367 |
| Average sold price/sqft (old stock) | £4,997 |
In addition, here is the price per square foot. By taking this data and doing an average, it is also possible to work out the average square foot of houses in Greenwich which is £5,800. From here you can get a sense of the price of the overall housing market and therefore, also find out the prices of the houses for sale.
Invest in houses for sale in Greenwich with the right professional advice
In today’s market with an abundance of homes available for sale, choosing the best house for sale can be challenging.
With several houses for sale to choose from, who will guide you through the process of choosing?
We have listed here below several experts and companies able to advise and support potential buyers.
The process of finding and investing in a house for sale can be lengthy and time-consuming, this is why we suggest you consult with the following professionals:
- Banks – Lend you the cash
- Insurance companies – Insure your new real estate investment
- Conveyancer – handles all the legal labour that is needed to proceed in buying a house for sale.
- Surveyor – Carries out an independent and complete property valuation of the house for sale
- Mortgage advisor – If you are thinking to get a mortgage to get the finances needed to afford to buy a house for sale, a mortgage advisor is the person you should be looking for
- EPC person – Always get a quote on the Energy Performance Certificate of the houses for sale listed in a certain city
What kind of demographics does the city of Greenwich have?
How educated are the people in Greenwich?
The number of people as a percentage who have been through university and gained a degree is 38%. The ability to buy a home is greatly influenced by the number of people who have degrees. £52,000 is the amount people in Greenwich are earning.
As you can tell, this figure along with the number of people who have degrees roughly correlate. For reference, the percentage of people who have degrees in the UK is 22.6% and the average household income is.
As a general rule, the bigger the difference between this 22.6% figure and the percentage of people with a degree in Greenwich, the bigger the difference in the ability to earn and hence buy a house. A higher number of degrees will increase the potential for people to earn and hence the buying power of the population. This will also push up the price of houses in the area.
Nonetheless, making accurate estimates for the appreciation of homes must be done with other pieces of data in mind such as the rental yields or perhaps the crime rate of the area to name some examples.
What is the city of Greenwich’s social grade score?
In the city of Greenwich, the social grade score of the area is 27%. But what does this exactly mean? The figure refers to the proportion of people in the two highest categories of skilled jobs.
The categories are grouped from A to E shown in the table below. Overall, a high social grade score means there are more affluent people working in managerial and professional roles in the area.
This table shows the average breakdown of the UK in terms of where most people in the UK are working so you can compare it to the social grade score of Greenwich.
| Social Score | Category | The proportion of the UK population (%) |
|---|---|---|
| A | Professional, managerial or administrative | 4 |
| B | Intermediate managerial or professional jobs | 23 |
| C1 | Supervisory, junior managerial or professional jobs | 29 |
| C2 | Skilled manual workers | 21 |
| D | Semi and unskilled manual workers | 15 |
| E | State pensioners, casual & lowest grade workers | 8 |
What’s crime like in Greenwich?
For the city of Greenwich, crime rate is at 160. So for every 1000 people in the area, 160 commit a crime which is prosecuted. Paying close attention to this figure of crime rate is not only important for the value of a house but also to calculate the maintenance cost of owning a house and how attractive an area can be for future buyers.
So, compare it to the nationwide average of 79.52 per 1000 people and consider if you are happy with this figure based on the price you’re paying for a house you’re interested in.
On top of this, houses that are in areas where there is a high crime rate tend to have to pay higher insurance rates, costing a homeowner in the long term.
Additionally, paying for further security on a house such as CCTV or potentially gates and fences that deter thieves may be necessary for an area with a high crime rate.
How much green space is available to residents of Greenwich?
In the UK, there are a range of cities which have a lot of green space. In some cases, green space can get as high as 49% of outdoor land like in the city of Edinburgh. When specifically talking about Greenwich, the city has 8.5 per 1000 residents.
This can be compared to an average of 1.7 acres of green space per 1000 residents which is the UK’s national average. It is up to you to decide how much you’ll let the amount of green space impact your buying decision in Greenwich.
In Greenwich, how has the population changed?
In the UK in general and specifically in the region in question, large population sizes can be good indications that there are a lot of people in the area looking for houses for sale which can drive up demand and therefore impact the cost. You should also check to see if the population is growing in the area too to show an increasing demand, this is even better. Currently, the total population of Greenwich is 129,100.
Sometimes, smaller populations can have higher buyer demand than large populations on the other hand. This is because the price of houses and hence the demand for houses is based on a variety of variables.
The most important variable is the location of the houses for sale in the city of Greenwich.
In Greenwich, how has the population changed over the last five years?
In the last five years, over time, the change in population size was 5%. Looking at this figure can inform you of the buyer demand for the houses for sale in the area. Read more here
This may mean that the city has now started to slow down in terms of population growth or it may mean the city is also building a lot of houses which would indicate the supply of houses for sale will be matching the demand.
Making predictions about the future growth of Greenwich is hence important in making a decision if capital appreciation of your real estate investment is something you’re after as a landlord.
Comparing this figure for the 5 year growth (5%) as well as the ten year growth in the subheading below should allow you to make some accurate forecasts on the growth rate. Click here to know more on the UK population trends.
Greenwich population difference over 10 years?
The population has adjusted in the area of Greenwich by 16% in the most recent decade. This change is even more useful when compared alongside the figure for the five year growth of the area too.
This will tell you if the population is changing at the moment or if change is more recent. Through this a landlord can accurately look at the fluctuations in population size of the area over time and therefore better understand the trend of the houses for sale in Greenwich.
To make an example, the town of Salford which is a part of Manchester has seen a 10% increase in population. house price has therefore followed.
Greenwich in the county of London is notable for its specific demographics and has individual characteristics.
For localised cities and the bigger areas of the UK there are wide variations in the demographics that shape an area so the same is also true for the wider region Greenwich is located in; Greater London.
Below, these demographics are talked about in headings that explain how the city has grown, what the education levels are like in Greenwich, what the social grade score of the city is like and if the green space matches the recommended levels people living in the UK should have.
Are the people in Greenwich earning a lot?
Typically, as people earn more money, the more they are able to afford and the better house prices in the area because demand goes up. You could also infer that the amenities such as schools, parks and public areas are generally of high quality as a result.
For these reasons, it could be argued that areas where people earn more money are generally nicer arrears to live in which also attracts more people as a result and further drives up house prices in the area.
To see if this phenomenon occurs in Greenwich. Compare the area’s average household income of £52,000 to the average household income in the UK at price34,000. Adding to this, compare it with the figure for the highest social grade score too at 27% for more conclusive data on the affluence of the area.
Are the deprivation levels of the UK any different to Greenwich?
Most of the time, high deprivation levels signal that people cannot afford to sustain their living expenses. In Greenwich, currently, 28% people fall into this category.
Measuring this statistic against the nationwide average of 33% should give you a pretty good idea of where the city lies in the scale of poverty in the area.
What is the asking price on average of houses for sale in Greenwich?
The average asking price for the houses for sale in the city of Greenwich
| Average asking price (1 bed) | £314,941 |
| Average asking price (2 bed) | £423,592 |
| Average asking price (3 bed) | £561,593 |
| Average asking price (4 bed) | £839,211 |
| Average asking price (5 bed) | no relevant data for this city |
Based on this table, hopefully, you will be able to tell what type of house for sale is the most suitable for your budget. You can also consider the average asking price per square foot (£6,220) for houses for sale with this table to get a good idea as to whether Greenwich is the right area to buy a house in for you.
As you go ahead and make offers on a house for sale, it is sometimes best to know what other people are offering for the same type of house for sale so you know what to offer yourself to get a good deal. So you should know, the average asking price of Greenwich is £436,910.
Even though the asking price is not what the eventual price the house is sold at, making a note of the averages for the city of Greenwich is useful when negotiating and knowing what to expect for every type of house for sale.
Choose the right house for sale that suits your needs
Criterias that have an impact on the actual price of a house for sale have been listed here below. Consider them all to find the perfect houses for sale in Greenwich.
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Affordability – check this article from the UK government to find out (see what house for sale you can afford)
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Location – if the house for sale is in the city centre rather than further out, this may be why it is more expensive than the market average.
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Transports near the house for sale – Being able to use public transports is a huge plus for a house, especially in big cities. This will have an impact on the price as well.
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Bedrooms – the more bedrooms there are in a house for sale, the more tenants a buy to let investors will be able to host, therefore, realistically the price will also increase.
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EPC of the house for sale – today more than ever, the energy performance of properties for sale on the market should be one of the first things you check.
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Wi-Fi speed – We recommend you check the internet plans available for the areas where you are considering to buy a house for sale
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Are you a motorist? – If yes, filter out your searches and compare prices of houses for sale with parking availability. Remember, a car parking space can cost as much as £400 per month
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Conditions of the house for sale – New builds and properties that were recently built usually need little to no repairs; instead, other houses for sale may require consistent or structural maintenance. These investments that can be both expensive and laborious to complete. Before making your offer for a house for sale you should always carefully assess this criteria.
In Greenwich, what are the rental yields?
What is the growth in the housing market of Greenwich?
Before making an investment and move forward with buying a house for sale, another important set of data an investor should analyse is the growth trends of the area in question.
Below are the forecasted growth rates for the city of Greenwich at 1 year, 3 year and 5 year intervals:
| 1 year | 3 years | 5 years | |
|---|---|---|---|
| Greenwich growth rate | -1% | 0% | 9% |
Examine this figure carefully as the addition of a lot of new houses to meet demand could mean that house price of the houses for sale in Greenwich gradually reduces with an increase in the housing supply. This could be a good indicator to understand if your house will appreciate or not. Too many houses and too much supply could drive down the prices of homes or stagnate them. So be sure to check out what is exactly happening in Greenwich.
The figure of rental yield is commonly looked at by investors who wish to increase their income by investing in areas where rental yields of the houses for sale are higher. Usually, the higher the rental yield, the more attractive a house for sale is for an investor.
Nonetheless, there are also instances where an investor will go with a house with lower yields in order to benefit from the appreciation of a house too which is why it’s vital to look in to all the details of Greenwich.
The data below shows the rental yield, rent turnover and the percentage of the money made on the sale of a house. The data is broken down into the county city is in (London) as well as the broader region; Greater London.
| Average Yield | Average Asking rent | Turnover (rental) | Turnover (sale) | |
|---|---|---|---|---|
| Greenwich | 5.0% | £1,804 | 140% | 12.3% |
| London | 3.96% | £2,001 | 129.93% | 12.05% |
| Greater London | 3.88% | £1,899 | 129.14% | 13.30% |
Also, you can compare other data to the table above such as the number of houses sold per month in Greenwich which is 67 and get a better understanding of the housing market.
This is great if you want to gauge if investors are actively looking for houses for sale in the area over other areas in the UK which may be an induction of how profitable Greenwich is to invest in. Both in terms of rental yield and capital appreciation.
Other cities in different locations you can consider to buy property
We have prepared a list of cities that are entirely dissimilar to the region of Greater London, perfect if you are looking for somewhere similar to Greenwich but want to relocate to a different region entirely. You should then be able to evaluate the different houses for sale listed in the region:
- Accrington in Greater London
- Auchinleck in Greater London
- Byers Green in Greater London
- Four Throws in Greater London
- Castle Donington in Greater London
Alternatively, you can visit our webpage dedicated to houses for sale in the UK for a broader understanding, houses for sale in the UK.
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