How property prices evolved in EC3R?

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different types of properties leading to different prices

Cozee is dedicated to offering comprehensive insights into the fluctuations of sold house prices, property prices, and various property options in EC3R. Within this text, we aim to present to you simply and easily how historical shifts in house prices have occurred and then present an analysis of the factors influencing property values in EC3R too. So, read on for all of the information you require.

How property prices have evolved in EC3R?

In this article, you will be able to find out how the rent and sale prices of properties in EC3R have changed. Please see below these charts showing how the property prices have evolved over time and how the rental prices have changed as well

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It is useful to note that as you read this article, you will be able to find the average prices in the graph below that is based solely on data provided by the Land Registry. This means you shouldn’t consider this as an accurate valuation for your property in EC3R at all and only use this information to form an understanding of how the property market has changed in your area and the wider area of London too.
Contact a member of our team for an accurate valuation.

How are the average price for houses, flats and other property calculated in EC3R?

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 EC3R. 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 3 properties sold in our area for a total amount of £1,875,000. So we’ll need to divide £1,875,000 by 3 to get a figure of £625,000 for the average price of a house.

What are the factors influencing the property price in EC3R?

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 EC3R 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 EC3R. 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 EC3R we have summarised these factors in the table below:

Type of amenities Number in EC3R
NHS Trusts (hospitals) 0
Practitioners 0
Pharmacies 0
Schools 0
Shopping centres (within a 5mi radius) 18
Public transports (number of train or underground stations) 0 (for more details we recommend that you have a look at tlf

Economic conditions in EC3R

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 EC3R 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 EC3R. 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 EC3R 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 EC3R, 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 EC3R?

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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 EC3R, 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 EC3R 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 £17,602 £16,667 £9,236
House unfortunately we have no data here unfortunately we have no data here unfortunately we have no data here
Maisonette £20,676 £20,740 unfortunately we have no data here

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 EC3R

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 EC3R up. We have simplified you the task of finding out how many developments will come up in the coming years in EC3R.

Type of development Number of planning applications
Residential 0
Transportation 0
Non residential 1
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 EC3R ‘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 EC3R

One of the last major impacting factors of the price of a property in EC3R will be the demographic indicators.
Population growth being the first. In EC3R, over the past years the population has grown between 2011 and 2021 by 40.97% going from 227 to 320. This type of population growth would usually have a positive 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 EC3R

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 EC3R versus nearby locations

If you are looking to buy or sell in EC3R, 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 EC3R 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
SE1 £ 808499 £ 2025 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

E2 £ 868865 £ 2047 See rental properties in SE20

check our properties for sale in SE20

SE17 £ 515859 £ 1721 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 EC3R 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 EC3R during 2019, where 31 Flat changed hands. The median price, standing at £1,798,600, signifies that 50% of these Flat transactions in 2019 occurred at values surpassing £1,798,600, while the other 50% were completed at prices below £1,798,600. 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 EC3R.

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