Greenwich might be an interesting area to invest in when looking for a house for sale in the UK as it is a unique area in the county of London.
Before looking for a house for sale in the city of Greenwich we strongly suggest landlords and real estate investors to research in detail and consider all involved factors. Indeed, house prices can change quite a bit depending on the square foot of the property, the number of rooms, the economic climate, the location of the house and more.
In this data heavy article the reader will be able to find out more on the topic and see the specific data to consider when evaluating different houses for sale in Greenwich.
What are the demographics like in the city of Greenwich?
In Greenwich, how has the population changed?
Population growth in Greenwich is important to know if there is housing demand and the total population may also be looked at as large populations commonly have a lot of buyer demand.
In Greenwich, 129,100 people live in the city as their main place of residence.
It is important to note that it is not the case that everyone likes a large population to live in. People who tend to prefer a more relaxed life are more likely to buy or rent somewhere to live that has a small population and perhaps also wouldn’t mind if the population isn’t growing.
Other people also like to have a mix of both. Where they can visit rural areas and also benefit from the amenities of a busy city.
In Greenwich in the previous five years, have population numbers transformed?
Five years may seem like a long time but it is rare for a city to grow that much unless there is dramatic population growth. In Greenwich, this change has been 5%. Read more here
Someone who wishes to find out how this change has occurred over a longer period of time may also wish to read the headings below and see if the change has continued throughout the past decade too. Or if the change is only true for the more recent figure for five years of 5%. Click here to know more on the UK population trends.
Over the last decade, how has the population differed in Greenwich?
Populations change all the time but if there is a clear change in population in the last ten years this is even more reliable data about the population of the area as opposed to five. This adjustment in population works out to be 16% in Greenwich.
What this statistic is like in comparison to the population change in five years should provide you with a comprehensive understanding of what direction the population is heading in.
In recent years because of the pandemic, it is common to see dramatic differences in the population change in the last five years when comparing it to ten as people realise they can work from home but still keep the current jobs they have.
This means they can move to cities they wouldn’t have considered otherwise and be location-independent of their source of income. Perhaps making a longer commute into the office every week for example.
How much are those living in Greenwich earning?
You may be wondering what the amount people earn has to do with house price. Well, house prices generally go up as people earn more not just because they can afford more valuable properties but also because good areas generally attract more desirable infrastructure. For reference, the average household income is £52,000.
This may be better schools, doctors and areas with lower crime rates. This results in a snowball effect which polarises different areas further, increasing the demand for housing in richer areas by a greater amount. And increasing the proportion of people with high social grade scores. For Greenwich this figure is 27%.
In Greenwich, how educated are people in general?
In the city of Greenwich, 38% people have a degree from a university. The higher this proportion is, in general, the more likely it is that the population is able to buy a house.
Interestingly, as people who have degrees go up, the average income of the area goes up too. You can see if there is a correlation, the average household income in the UK is price34,000 and the average income in Greenwich is £52,000.
This should correspond with the average percentage of people in the UK who have degrees at 22.6%.
What is a social grade score and how does this relate to Greenwich?
Most of the time, the social grade score of a city is what it takes to determine what the economic levels are like as this score refers to what type of jobs the people of the area generally work as. So, from highly skilled, managerial roles, to the manual labour workers of the UK, how does Greenwich compare?
At the highest end of the scale (A) jobs that are managerial administrative or professional are all lumped into this category. On the other hand, there is the lowest grade (E) where workers who are on benefits, state pensions or work casual jobs fall into.
In Greenwich, the percentage of people who work in the two highest skilled categories of this scale (A and B) is 27%.
So you can compare this data, here is the estimated grouping of the social grades of the UK for the general population. Adding the two highest categories of A and B and comparing this percentage to the high social grade score which combines A and B should give you a good comparison.
|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|
Are the people of Greenwich deprived?
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.
In the city of Greenwich, the demographics are unique and must be looked at by themself to make a conclusion about the area before buying a house. This is because the growth could be greatly different to the wider area of London for example.
These demographics for Greenwich may impact the price of a house, how this house grows over time and the profitability of a house if you are buying it for an investment so knowing the area is crucial for a landlord making a purchasing decision in the city of Greenwich in Greater London.
In the city of Greenwich, is there a lot of green space?
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 general, do people commit a lot of crime in Greenwich?
The crime rate of Greenwich must be looked at sceptically. The reason for this is that the crime rate can vary within a city greatly and the type of crime committed can also vary too.
For example, the area has a crime rate of 160, but another city may have a higher crime rate but not be deemed as dangerous due to lower level crime or minor offences being committed.
Either way, high crime rates are never a good sign so consider the rate against the UK average of 79.52 for every 1000 people as a benchmark.
Lower rates could mean things like home insurance is cheaper and you have to install fewer security measures throughout your house. Saving you money in the long run. So the statistic of crime rate (160) is both useful and is recommended to be compared to the average.
In general, what do houses for sale sell for in Greenwich?
As well as looking at the asking price for house for sale in Greenwich, a sensible homeowner or investor will also consider the final price a house sells for. This final price may be influenced by elements like the amount people are earning in the area and what opportunities for employment there are in Greenwich.
Houses for sale, are sold on average in Greenwich, after the influence of these factors, at £420,967 as a result. And may be on the rise or decline depending on a combination of variables such as the crime rate, or population growth which was 16% over the last 10 years.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£761,029|
|Aerage sold price (semi-detached)||£555,357|
|Aerage sold price (terraced)||£489,460|
|Aerage sold price (flat)||£375,920|
This table above shows the average sale price for each variation of houses for sale in Greenwich.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£5,380|
|Aerage sold price/sqft (new build)||£5,367|
|Aerage sold price/sqft (old stock)||£4,997|
This final table looks at the price per square foot of houses for sale. Looking at the final table, you can take a further average and conclude that the average price per square foot of houses in general in Greenwich is £5,800.
This statistic can be used to compare the price of housing between housing categories again or even compare the price for a different city.
What are the asking prices for the houses for sale in the city of Greenwich?
When investors make offers for houses for sale in Greenwich, the average price asked by the homeowners works out to be £436,910.
In the table below, for all the different sizes of houses in the area, the average asking prices have been displayed. This tells you what kind of house is more or less expensive and sought after despite houses with fewer bedrooms being overall less expensive anyway.
Any house that looks like it is overpriced for the number of bedrooms it has in Greenwich is typically not overpriced. It is just the case that that type of housing has a higher demand, therefore, people are willing to pay more.
Average price of houses for sale in 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.
How are rental yields of the houses for sale different to the rest of the UK in Greenwich?
Are there more or fewer houses being built in 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.
Let’s consider that you’re not looking to buy a house for sale to live in for the long term future such as if you changed location with your family and want to settle down and you want to find somewhere to buy as an investor in Greenwich. If this is the case, rental yield is a crucial statistic to consider.
If looking to invest, you should also consider other data about the area. The average rental income, the turnover of the sale of the house and what the net rental yields are like for the area do also have an impact on the final price of houses for sale in Greenwich.
It is clear to see from the table below that there is a difference between all of these pieces of information and how they can be compared and contrasted on a county level (London), a regional level (Greater London) and finally on the level of the city talked about in this article, Greenwich.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
You may also find it useful to compare the data above to the number of properties sold per month Greenwich experiences. This figure for house sales per month is 67. Looking at all this information holistically is what a smart investor should do when deciding on the right area for investment before looking for houses for sale.
Advice from experts on properties for sale in Greenwich
Invest in a house for sale that meets your demands
Many criteria impact the price of houses for sale in Greenwich.
Here below are the most important ones according to Lofti’s expertise:
- Affordability – (see what house for sale can you afford?)
A guide from the UK government
- House Location – The borough and region of the UK you want to invest in is an important factor to consider when looking for a home for sale.
- Transport – Commuting can be a waste of time. Minimise it by checking how long it will take from the house for sale you’re interested in, to your office before considering buying
- Number of bedrooms – The number of bedrooms goes hand in hand with the house for sale price. If you are buying for the long period try to think if you might need an extra bedroom
- Energy performance of the house for sale – The difference between an EPC rating of A and an EPC rating of G can impact your monthly utility bills, consider this when evaluating houses for sale.
- Internet connection – Being able to take video calls from your home is crucial nowadays, always check the broadband of the area when browsing houses for sale
- Car park – Ask the property seller for parking availability. If it is included in the price of the house for sale, you can justify paying more than you would at first glance
- Conditions of the house for sale – Repair works can be expensive and take a lot of time, assess the conditions of the houses listed for sale before making an official offer.
Nowadays, there are so many properties on the real estate market that it can be difficult to decide which one is the best house for sale for you.
So, who can help you navigate the process of choosing a house for sale?
The number of professionals that offer real estate investors advice and assistance is broad and when it comes to dealing with houses for sale, the process can be complex.
Find here a list of those that can help when buying a house for sale:
- Moneylender – lends you the sum of money you need to buy the house for sale you are looking for
- Insurance agent – A firm that provides several insurances and protections for the house for sale that might become your future house
- Solicitor – A person or company that will sort out the legal work needed before buying a house for sale
- Civil engineer – Also called surveyor, he or she will provide you with an independent valuation of the house for sale you are willing to buy
- Mortgage advisor – Realistically, you will need a mortgage in order to afford to buy a house for sale. Mortgage advisors will guide you and propose the best mortgage deals based on your financial records
- EPC specialist – Especially nowadays, getting professional advice on the Energy Performance Certificate (EPC) of the house for sale you are considering buying is crucial
Are you considering other cities with houses for sale?
Examine this short list of cities belonging to Greater London, the same region where Greenwich is located.
- Dulwich in Greater London
- Bushey-Mead in Greater London
- Colliers-Wood in Greater London
- Gidea-Park in Greater London
- Kennington in Greater London
If none of these is of your interest, we suggest you visit our landing page with all data related to the houses for sale in the UK.