According to the Land Registry, how has the EC1R area evolved?

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Exploring property prices when buying property in EC1R is a vital part of the process of buying and the purpose of this article is to give you an overview. This article by Cozee aims to tell you how the house prices over time in EC1R have changed and then give you an indication of what the key elements are that shape property price at the moment and will into the future.

How property prices have evolved in EC1R?

This article will allow you to check the rental and sold prices of properties in EC1R.

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Note for the readers. The data we present in the graph is an average price based on the price paid data provided by the Land Registry. At no point should you consider this as valuation for your property in EC1R but can help you understand how the property market evolves in London and especially your area.
For a reliable valuation of your property we recommend that you reach out to our team.

What are the factors influencing the property price in EC1R?

When it comes to assessing the price of a property we tend to look at 7 main factors. These factors can be economic as well as demographic factors.

Location

We are all aware that the location of a property plays a crucial role in driving up or down the price of a property. Indeed the desirability of the neighbourhood and overall safety of EC1R is key to understanding the price. That is why, when buying or selling a property it is important to have in mind the crime rate of the area.
We recommend that you have a look at Police.uk Unfortunately we were not able to gather sufficient data regarding crimes in EC1R. Note: it is important to note that there is not a good correlation between a higher crime rate and the price of a property. If this can have an impact, this is not the only factor. A quick example is in central London. The property price are higher than the rest of the UK but property prices are still high.
Then comes the proximity with different amenities such as schools, hospitals, shopping centres and public transportations. These elements have a significant impact on the price of the property you might want to buy or sell. To help you get an idea of how this could affect the price of a property in EC1R we have summarised these factors in the table below:

Type of amenities Number in EC1R
NHS Trusts (hospitals) 0
Practitioners 26
Pharmacies 3
Schools 2
Shopping centres (within a 5mi radius) 9
Public transports (number of train or underground stations) 0 (for more details we recommend that you have a look at tlf

Economic conditions in EC1R

In 2023, we are now all aware that the overall economic environment has a consequent impact on the property price. The Office for National Statistics provides a macroeconomic view of these factors.
The employment rate, the income level in EC1R and the overall interest rates will either have a positive or negative impact on the prices you will be able to list your property for or the price you might end up paying. Please find below these indicators provided by the Bank of England and the ONS

Interest rates from the Bank of England over the period 2019-2024 The map below shows you in a very few clicks the income level of around EC1R. If you are looking to sell your property this indicator might be very helpful to gauge how much you could ask for. The higher the income is in a certain area, the higher the affordability of the households will be. Finally, on top of the income level, you can also have a look at the employment rate within the neighbourhood of the property you want to buy or sell. The map below shows the percentage of usual residents aged 16 years and over who were economically active and in employment in local authorities, 2011 and 2021. As for the income level, an area with a higher employment rate will most likely fetch higher property prices.

Supply and demand in EC1R and how to assess it

This is a basic economic principle but whenever the supply is low and the demand high, asking prices are growing accordingly and vice versa. This is true in your area. This means that if you are selling a property in a highly demanded area you might be able to benefit from an increase in price due to this principle. To assess the supply and demand of properties for sale in EC1R, we recommend you to have a look at the number of listings on Rightmove, Zoopla and other listing platforms

Looking to buy or sell your property in EC1R?

Our property experts give you a valuation in less than 24h or help you find the properties you have been dreaming of

Check how many properties are currently listed and check for how long they have been listed for. This will give you an idea of how long it takes to sell a flat, house or maisonette in your area.

Property size, features and overall state

When it comes to estimate the price of a property in EC1R, estate agents are usually estimating the price per square foot. This means that the bigger the property is, the higher the price will reach. NOTE: this price per square foot in EC1R can be impacted by the overall state of the property. A badly maintained property will see a lower price per square foot.
At Cozee we have simplified this for you and we want to provide you with the average price per square foot in your area depending on the property type.

Property Type 2020 2021 2022
Flat £10,278 £11,612 £10,922
House £11,538 £12,653 £12,653
Maisonette £11,256 £10,259 £11,577

Finally a property offering several features will often reach a higher price. This means several bathrooms, a large number of bedrooms and a garden are factors driving the price up.

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Ongoing or Upcoming developments in EC1R

Whenever an area welcomes new developments, it means that the area is attractive and that developers and public decision makers see a growing potential for the area. These developments such as new housing developments but also new train stations and shopping centres can drive the price of a property in EC1R up. We have simplified you the task of finding out how many developments will come up in the coming years in EC1R.

Type of development Number of planning applications
Residential 0
Transportation 0
Non residential 0
Planning proposal in progress 0
Green belt 1
Recycling 0
Other applications 0

Note: the applications below are the applications referred to the London Mayor by the local planning authority (usually EC1R ‘s Council planning authority). These applications are for: development proposing more than 150 residential units, buildings over 30m in height or buildings over 1000 square metres on Green belt or Metropolitan Open Land)

Demographic indicators in EC1R

One of the last major impacting factors of the price of a property in EC1R will be the demographic indicators.
Population growth being the first. In EC1R, over the past years the population has decreased between 2011 and 2021 by -0.04% going from 4,885 to 4883. This type of population growth would usually have a negative impact on the price of the property you are trying to buy or sell. Note: if you see an incredible growth, this might either mean that your postcode did not have previous or enough data for 2011.
Finally the population growth is a good indicator for you if you are looking to buy a property with the intention of renting it out. A high population growth is usually a good indicator of how easy a property will be let.

Other factors impact the value of a property in EC1R

At last, there are a few other factors that can have an impact on the price of the property you are looking to buy or sell. These additional factors to take into account are as follow:

  • Environmental factors: floods, droughts but also the overall climate.
  • Governmental factors: is there a specific regulation to facilitate/limit the access to property
  • Market trends: some neighbourhoods in London will see a rise in demand some years due to trends or housing booms while in economic turmoils the prices within the same neighbourhood might decrease more significantly

Compare the average property prices in EC1R versus nearby locations

If you are looking to buy or sell in EC1R, it might be a good idea to check how the prices are going in nearby neighbourhoods. This will help you get a better idea of the property market in EC1R and help you make an offer or help you set your prices (note: we always recommend to get a professional valuation).

Nearby area Average property price in 2021 Rental prices (pcm) 2022 for a 2 beds Check our properties
N1 £ 920430 £ 2179 See rental properties in SE20

check our properties for sale in SE20

E2 £ 868865 £ 2047 See rental properties in SE20

check our properties for sale in SE20

E1 £ 554383 £ 1890 See rental properties in SE20

check our properties for sale in SE20

E8 £ 690560 £ 1653 See rental properties in SE20

check our properties for sale in SE20

A look into the crucial role of average property prices when buying or selling a house

The average price serves as a tool to guide your property purchasing decisions or provide an estimate for potential selling prices. It offers a swift overview of the local property market in your area, but it's essential to understand that this figure doesn't necessarily dictate your property's selling price. Avoid basing your offer solely on the average price, as you must consider the unique characteristics of the specific property you are interested in. Further details below outline various factors that play a role in influencing property prices and should be carefully taken into account.
Before engaging in property transactions, Cozee strongly recommends considering the median price as a vital metric. The median price provides insight into the price at which 50% of the properties in EC1R were sold for a higher value and 50% were sold for a lower sum. This crucial metric goes beyond the average, offering a nuanced understanding of the diverse range of house prices in the local market. It ensures a more comprehensive assessment of property values, guiding both buyers and sellers in making informed decisions on property purchases and sales.
Take a closer look at property dynamics in EC1R during 2019, where 19 Flat changed hands. The median price, standing at £626,000, signifies that 50% of these Flat transactions in 2019 occurred at values surpassing £626,000, while the other 50% were completed at prices below £626,000. This data reveals a balanced distribution of sold house prices, offering a valuable perspective for both buyers and sellers navigating the vibrant property market in the EC1R.

Looking to buy or sell your property in EC1R?

Our property experts give you a valuation in less than 24h or help you find the properties you have been dreaming of

How are average prices of different property types calculated in EC1R?

Analysing the Land Registry dataset spanning the past 12 years, we have accurately calculated the average price for a house, a flat and a maisonette in EC1R. This involved adding up all prices paid in the area per property type and then dividing this total by the number of properties of that specific type.
Looking at the average price for a Flat in 2021. There were 28 properties sold in our area for a total amount of £19,734,988. So we’ll need to divide £19,734,988 by 28 to get a figure of £704,821 for the average price of a house.

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