Property prices in EN2 – an analysis

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Cozee has made a tremendous effort to provide you with the evolution of house prices, flat prices and other types of properties in EN2. In this article we will first present to you how prices have changed over the years and give an overview of what impacts the properties prices in EN2.

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 EN2 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 EN2 during 2019, where 153 Flat changed hands. The median price, standing at £325,000, signifies that 50% of these Flat transactions in 2019 occurred at values surpassing £325,000, while the other 50% were completed at prices below £325,000. 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 EN2.

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How have property prices changed in EN2?

Work out how the price of property and the average rents of property in EN2 have evolved by checking the price evolution and the rental price changes over time

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In the illustration below, any data presented is based on data provided by the land registry which is an average of house prices. You can visit the Land Registry to search for land and property information yourself too. So, when reading this article, please consider the information provided as an inaccurate way of working out the valuation of your property and only use the following information as a way to see how the property market changed in EN2 and the rest of the capital.
For an accurate valuation you can rely on, speak to a member of our team instead.

How are average prices of different property types calculated in EN2?

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 EN2. 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 Maisonette in 2021. There were 15 properties sold in our area for a total amount of £4,924,500. So we’ll need to divide £4,924,500 by 15 to get a figure of £328,300 for the average price of a house.

What are the factors influencing the property price in EN2?

In the process of gauging a property's value, we usually take into account seven key factors, which may include both economic and demographic considerations.

Location

We all recognize that the property's location significantly influences its value, either elevating or lowering it. Undoubtedly, the appeal of the neighbourhood and the overall safety of EN2 are pivotal factors in comprehending the price.
Therefore, when engaged in property transactions, it is crucial to consider the crime rate in the area. We advise that you read the Police.uk website for more information In EN2, the crime rate is around 126 per thousand people. This rate can be considered as highand will have a negative impact on the price of a property in EN2. It's crucial to note that a higher crime rate doesn't necessarily correlate with lower property prices. While it may exert some influence, other factors also play a significant role. Consider central London as an example, where property prices surpass those in other parts of the UK, even with a relatively higher crime rate.
The proximity to essential amenities such as schools, hospitals, shopping centres, and public transportation further shapes the property landscape in EN2. These factors wield considerable influence over the pricing of properties available for purchase or sale. To provide insight into how these elements can affect property prices in EN2, we've compiled a summarised table below:

Type of facility The number in EN2
Hospitals 0
GP surgeries 34
Chemists 4
Schools 11
Shopping centres within five miles 6
Number of train and underground stations 3 (for exact details see the website)

The economic conditions in EN2

Economic conditions have a large impact on property price. Just a simple Google search for the Office for National Statistics shows this change in real time. The level of employment, the income level in EN2 as well as the interest rates provided by banks at the current time all have an impact on property price. Hence, this will impact the amount that people buy and sell property for.
For a more in depth analysis, find out how interest rates have changed in the below chart based on data from the Bank of England and the Office for National Statistics.

Interest rates between 2019 and 2024 from the Bank of England In the map, the income levels of the area of EN2 are displayed. Consider the graph as another piece of information you can use to work out what the deprivation levels are in the area. The worse deprivation levels are and the lower the income is that people make, the more likely it is that house prices will be lower and so will the property offers that are put on property here. As well as the level of income, the employment rate of the area is another factor that is useful to take a look at. Find the area where the property is being bought and consider where it is on the map below that give an indication of the residents that are aged 16 years and over who were economically active and in employment in local authorities between 2011 and 2021. In relation to the income level, an area with a rate of higher employment is likely to attract higher property prices.

How to assess supply and demand

Supply and demand exists in your area and dictates the price of property. In general, the lower the supply and the higher the demand, the higher property prices will be. Hence, this will affect the price at which property is bought and sold for. This implies that when selling a property in a sought-after location, you could potentially capitalise on a price increase influenced by this.
In the area of EN2, you can take the name of where you live and put it into property listing sites such as Rightmove, Zoopla and OnTheMarket to get an accurate idea of property price at the moment. In order to use listing portals correctly, take a look at the number of properties that are currently listed as well as the time in which they have been listed for. If a property has been on the market for a quite a while, most of the time this indicates the price is too high for the flat, house or maisonette in your area.

Property size, features and overall state

When it comes to estimate the price of a property in EN2, estate agents are usually estimating the price per square foot. This means that the bigger the property is, the higher the price will reach.
It is useful to note that property values in EN2 are closely tied to the overall condition of the dwellings. For instance, a neglected home which is shrouded may find a lower price per square foot compared to a well maintained property. At Cozee, we've streamlined this process for your convenience below:

Type of property Flat House Maisonette
2020 £5,185 £5,335 £5,275
2021 £5,212 £5,498 £5,189
2022 £5,052 £5,498 £5,713

Properties with more amenities and features tend to command higher prices. Things like multiple bathrooms, numerous bedrooms, and outdoor space like gardens are desirable features that can increase a home's value and sale price.

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Developments in EN2

The introduction of new developments in a neighbourhood indicates it is a desirable and growing area. Developers and city planners make investment decisions based on a location's potential, so new construction in the area of EN2 is usually a good sign. This can also include things like new public transport stations and retail areas - not just new housing developments.
Below, there is a table of the number of new developments in EN2 so you can make a guess as to how desirable the area truly is.

Development No. of planning applications
Green belt 0
Transportation 0
Non residential 0
Planning proposal in progress 0
Residential 1
Recycling 0
Other applications 0

It is useful to note that these applications are only for developments that have more than 150 units and are over 30 m in height. So, the applications that are below are from the local planning authority provided by the london Mayor and the planning authority in the area of EN2.

Population data

It is important not to forget about the demographic indicators that affect the price of a property in EN2 too. Things like employment levels you may not have thought about and in EN2, over the past few years, the number of people has in fact grown between 2011 and 2021 by a factor of 5.25%. This has resulted in the population going from 29,709 to 31269 in ten years, having a positive impact on the price of property in the area.
Please note: If you notice an unexpectedly large increase in the data, it could be because there was limited or no previous data for your postcode area in 2011. The growth may appear bigger than it is due to the lack of earlier figures to compare against. Finally the employment levels are a good indicator for you if you are looking to buy a rental investment property. A high employment growth is usually a good indicator of demand for housing as more people move to the area for jobs, driving up rents.

What other things move property price in EN2?

Finally, some other elements can influence the value of properties you want to buy or sell. Things to consider include:

  • Economic factors: interest rates, inflation, recessions can all impact housing demand and prices. Low rates often boost prices. High inflation or a downturn can decrease values.
  • Development factors: new construction, renovations, infrastructure improvements can make an area more desirable and valuable. Lack of investment can deter buyers.
  • Commute factors: Access to transit and jobs impacts prices. Easy commutes to major employers is a plus. Difficult commutes can deter buyers and lower values.
  • School factors: Highly ranked schools drive up demand and prices. Struggling school districts often decrease interest in an area.

H2: Look at the difference between price of property in EN2 and nearby When targeting the EN2 housing market, studying sales and listings in adjacent communities is advised. Seeing what comparable properties fetch in neighbouring vicinities supplements your understanding of local drivers of price. Use this data to make informed offers or set strategic asking prices for your property as a result. (Note: consult a licensed appraiser for a true market valuation).

Nearby area Average property price in 2021 Rental prices (pcm) 2022 for a 2 beds Check our properties
EN1 £ 455727 £ 1308 See rental properties in SE20

check our properties for sale in SE20

EN4 £ 749167 £ 1369 See rental properties in SE20

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N21 £ 723069 £ 1356 See rental properties in SE20

check our properties for sale in SE20

N14 £ 757986 £ 1381 See rental properties in SE20

check our properties for sale in SE20

EN7 £ 503526 £ 0 See rental properties in SE20

check our properties for sale in SE20

EN3 £ 358534 £ 1296 See rental properties in SE20

check our properties for sale in SE20

N9 £ 423078 £ 1358 See rental properties in SE20

check our properties for sale in SE20

EN8 £ 357449 £ 0 See rental properties in SE20

check our properties for sale in SE20

EN6 £ 612529 £ 0 See rental properties in SE20

check our properties for sale in SE20

N13 £ 563432 £ 1317 See rental properties in SE20

check our properties for sale in SE20

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