How the housing market has changed in IG7 – Analysis of the Land Registry

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Exploring property prices when buying property in IG7 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 IG7 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 has the cost of property changed in IG7?

Work out how the price of property and the average rents of property in IG7 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 IG7 and the rest of the capital.
For an accurate valuation you can rely on, speak to a member of our team instead.

Why is the average price important when buying or selling your property in IG7?

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 IG7 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 IG7 during 2019, where 84 Flat changed hands. The median price, standing at £275,000, signifies that 50% of these Flat transactions in 2019 occurred at values surpassing £275,000, while the other 50% were completed at prices below £275,000. 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 IG7.

Looking to buy or sell your property in IG7?

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

What are the factors influencing the property price in IG7?

When evaluating the cost of a property, we typically consider seven primary factors, encompassing both economic and demographic aspects.

Location

It is common knowledge that the property's value is heavily impacted by its location, whether it leads to an increase or decrease. Certainly, the attractiveness of the neighbourhood and the overall safety conditions in IG7 are essential for understanding the property's price dynamics. Hence, when involved in property transactions, keeping the crime rate of the area in mind becomes imperative. It is recommended that you take a glance at Police.uk In IG7, the crime rate is around 95 per thousand people. This rate can be considered as mediumand will have a small impact on the price of a property in IG7%. It's crucial to emphasise that a higher crime rate doesn't necessarily equate to lower property prices, as other contributing factors come into play. Take central London, for instance, where despite a relatively higher crime rate, property prices remain elevated compared to the rest of the UK. Additionally, the proximity to key amenities like schools, hospitals, shopping centres, and public transportation significantly contributes to the fluctuations in property prices in IG7. Understanding how these factors interplay is vital for those contemplating property transactions. For a concise overview of the potential impacts on property prices in IG7, refer to the summarised table below:

Amenity No. in IG7
Hospitals 0
Doctor surgeries 21
Pharmacies 5
Schools 11
Shopping centres located within 5 miles 11
Public transport stations 0 (for exact details see the website)

What is the economy like in IG7?

The office for National Statistics seen here provides an economic overview of how the wider changes in the economy impact the price of property in the UK. The employment rate, the income level in IG7 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 within the years of 2019-2024 according to the Bank of England By looking at the map below you will be able to work out the level of income around IG7. It is important to pay attention to the data on income levels as you can use it to estimate how much you can ask for your property where higher salaries indicate more buying power. Looking at the income level of the area is not all that you can look at to make an informed decision. 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. In correlation with income levels, regions boasting elevated employment rates are inclined to draw higher property values.

Analysing supply and demand

The concept of supply and demand is true in every type of business and when it comes to property, a low supply and a high demand means property prices grow. This implies that selling a property in a high-demand area could potentially lead to a price increase and allow you to take advantage of the principle. In order to analyse what the supply and demand is in IG7, Cozee recommends you to search property listing portals such as Zoopla and Rightmove which will give you an up to date, live forecast of property prices. To use listing portals in the best way, consider which type of maisonette flat or house is currently listed and then consider how long it has been on the market for. Properties that sell quickly are not on the market for long and this would indicate the price was right for the level of demand.

The features and size of property

As you begin taking a guess of the property price in IG7, you may find that estate agents do it differently to you and will begin taking an estimate based on square foot. This means that the bigger the property is, the higher the price will reach. NOTE: The price per square foot in IG7 may be influenced by the overall condition of the property. Poorly maintained properties are likely to experience a decrease in the price per square foot. At Cozee, we've streamlined this process for your convenience and aim to furnish you with the average price per square foot in your area according to the type of property.

Type of property 2020 2021 2022
Flat £5,164 £5,153 £5,668
House £4,945 £4,966 £4,966
Maisonette £3,756 £3,995 £4,818

Ultimately, a property boasting an array of features tends to command a higher price. This translates to multiple bathrooms, a generous number of bedrooms, and the presence of a garden—elements that contribute to elevating the property's value.

Browsing the features of your next place in IG7?

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If you are interested in buying or selling a home with many bathrooms, bedrooms, outdoor space, or other premium features, contact our property sale experts. We can provide a comprehensive property valuation and schedule viewings so you can make the most informed decision with Cozee.

Housing and other developments in IG7

If developers in IG7 think that there is a lot of potential in an area, they will tend to develop there. These developments, such as new housing developments can show that there is potential for growth and the value of land will go up. It can also come in the form of things like new places to do shopping for residents and new transport links. We have streamlined the process of researching upcoming developments planned for IG7 over the next few years. As our table below goes into all of the details.

Development type Applications
Residential 0
In progress planning permission 0
Non residential 0
Transportation 0
Other applications 0
Recycling 0
Green belt 0

The applications listed below were submitted to the Mayor of London for review by the local planning authority, typically the Council planning department in IG7. Under regulations, the Mayor's office must evaluate proposals that exceed certain thresholds. Specifically, developments with over 150 residential units, buildings taller than 30 metres, or structures larger than 1000 square metres on protected Green Belt or Metropolitan Open Land are eligible. This extra layer of oversight applies to major projects that could impact London more broadly.

Demographic data

A key factor influencing property values in IG7 is demographic data. Things like population growth and the impact of this growth on property data will be looked at below. Household income being another factor. In IG7, over the past years the median household income has grown between 2011 and 2021 by 15.68%. The population went from 20,397 to 23595 in 10 years. This type of income growth would usually have a positive impact on the price of the properties you are trying to buy or sell. Note:If you notice a very large increase in growth, it could be because there was limited or no previous data for your postcode area in 2011. Therefore, the growth may appear greater than it actually is. Finally, population levels are good because a growing population and a large population would indicate that the property you’re listing for rent will be able to be rented fairly easily.

Other variables that change how much property is sold for in IG7

At last, additional factors may sway pricing on property you are targeting. Elements worth evaluating include:

  • Crime levels: Lower crime rates make neighbourhoods safer and more appealing to buyers. High crime deters interest.
  • Amenities: Things like parks, shopping, restaurants make an area attractive. Lack of amenities can discourage potential buyers.
  • Noise levels: Quieter areas are preferred over those affected by major roads, airports etc. Noise pollution reduces desirability.
  • Green spaces: Access to nature, trails, gardens enhances a property's value. Lack of green spaces can deter some buyers.

Find the difference in property price between IG7 and other neighbouring areas

If you plan to buy or sell property in IG7, researching sales in surrounding neighbourhoods can provide useful market insights. Comparing home values in nearby vicinities gives better context for pricing trends influencing IG7. This helps set realistic offer or list prices (note: professional appraisals are always recommended for accurate valuations).

Nearby area Average property price in 2021 Rental prices (pcm) 2022 for a 2 beds Check our properties
IG7 £ 660391 £ 1386 See rental properties in SE20

check our properties for sale in SE20

IG9 £ 607397 £ 0 See rental properties in SE20

check our properties for sale in SE20

IG4 £ 548492 £ 0 See rental properties in SE20

check our properties for sale in SE20

RM4 £ 717891 £ 0 See rental properties in SE20

check our properties for sale in SE20

For houses and flats and other properties, how are the average prices in IG7 calculated?

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 IG7. 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 12 properties sold in our area for a total amount of £5,232,504. So we’ll need to divide £5,232,504 by 12 to get a figure of £436,042 for the average price of a house.

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