Greenwich Property Market Update

Greenwich is a vibrant and historic South East London district located on the River Thames's south bank. The neighbourhood is very popular, andaccording to statistics, the population in Greenwich has grown by 13.6 per cent since 2011.

It is easy to see why people buy a house or rent a flat in Greenwich. The bustling area has almost everything a London property buyer would want, from picturesque streets with Georgian and Victorian architecture to stunningnew riverside developments. In addition, being close toCanary Wharf and boasting excellent transport links to central London, Greenwich gives easy access to the best the Capital has to offer.

This article explores thecurrent state of the Greenwich property market and looks at some key trends impacting it.

New Property Developments in Greenwich

Many of the latest developments have transformed the riverside in Greenwich. These waterfront high-rise apartment buildings offer stunning views over Canary Wharf and northeast London. Additionally, many of the luxurious apartment buildings have gym facilities, rooftop terraces, shops, and a wide range of facilities.

In addition to excellent on-site facilities, living in this area means you are closeto good schools, transport links to central London, and some of London's most historic attractions.

Property Trends in Greenwich

Data from the 2011 census shows a trend for homeowners to abandon fashionable neighbourhoods and move to southeast areas of the Capital.

For example, Kensington, Chelsea, and Camden saw a marked decrease in population. However, areas like Greenwich, Tower Hamlets and Newham experienced a boost in population of between 14 and 22 per cent. Areas like Greenwich, Barking and Dagenham have many new build, affordable homes for first-time buyers. Homeowners realise they can get more square footage for their money in these up-and-coming neighbourhoods.

House Prices Continue to Rise in Greenwich

The Greenwich property market is experiencing a growth period, with prices rising steadily over the past few years.This is due to severalfactors, including increaseddemand for properties in the area and a shortage of available housing stock.

According to some reports, house prices in this southeast London neighbourhood increased by an average of £4,000. This represents a 13 per cent increase in the 12 months up to September 2022.

The average house price in Greenwich at the end of 2022 was £445,492. However, a terraced period house in the area could cost around £511,225.

Demand For Rental Housing is Soaring in Greenwich

Demand for rental housing in Greenwich is soaring as more and more people chooseto rent instead of purchasing a home. This trend has been fuelledby the growing cost of housing, especially in Greenwich. Reports indicate that renting an apartment in the neighbourhood will become cheaper in 2022. For example, the difference between the average monthly rent and a 90 per cent mortgage is £422.

What does this mean for property investors? The Greenwich property market is an attractive option for investors, as it offers a range of opportunities. With house prices continuing to rise and demand for rental housing soaring, there is potential for investors tomake a good return on their investments.

Are you considering buying a house or flat in Greenwich? Or maybe you want to purchase a buy-to-rent property as a long-term investment opportunity. If so, don't hesitate to contactTruepenny's Property Consultantstoday. Our team of real estate agents can help you find a property suitable to your requirements and budget.

Sources: https://uk.finance.yahoo.com/news/greenwich-house-prices-rise-thousands-060000936.html

https://www.standard.co.uk/homesandproperty/buying-mortgages/house-price-forecast-2023-buying-in-london-b1052101.html

https://www.ons.gov.uk/visualisations/censuspopulationchange/E09000001/