Evolution of property prices in NW1 provided by the Land Registry

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Exploring property prices when buying property in NW1 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 NW1 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.

What are the factors influencing the property price in NW1?

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 NW1 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 In NW1, the crime rate is around 257 per thousand people. This rate can be considered as highand will have a negative impact on the price of a property in NW1. 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 NW1 we have summarised these factors in the table below:

Type of amenities Number in NW1
NHS Trusts (hospitals) 3
Practitioners 113
Pharmacies 18
Schools 25
Shopping centres (within a 5mi radius) 22
Public transports (number of train or underground stations) 4 (for more details we recommend that you have a look at tlf

Economic conditions in NW1

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 NW1 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 NW1. 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 NW1 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 NW1, 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 NW1?

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 NW1, 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 NW1 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 £11,995 £10,651 £11,706
House £15,128 £12,582 £12,582
Maisonette £15,767 £12,360 £9,318

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.

Browsing the features of your next place in NW1?

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Ongoing or Upcoming developments in NW1

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 NW1 up. We have simplified you the task of finding out how many developments will come up in the coming years in NW1.

Type of development Number of planning applications
Residential 1
Transportation 0
Non residential 4
Planning proposal in progress 4
Green belt 5
Recycling 0
Other applications 3

Note: the applications below are the applications referred to the London Mayor by the local planning authority (usually NW1 ‘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 NW1

One of the last major impacting factors of the price of a property in NW1 will be the demographic indicators.
Population growth being the first. In NW1, over the past years the population has decreased between 2011 and 2021 by -7.62% going from 60,339 to 55740. 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 NW1

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 NW1 versus nearby locations

If you are looking to buy or sell in NW1, 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 NW1 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
NW8 £ 1919428 £ 1986 See rental properties in SE20

check our properties for sale in SE20

NW5 £ 873414 £ 1765 See rental properties in SE20

check our properties for sale in SE20

W2 £ 1363848 £ 2618 See rental properties in SE20

check our properties for sale in SE20

NW3 £ 1640134 £ 2384 See rental properties in SE20

check our properties for sale in SE20

W9 £ 940439 £ 1873 See rental properties in SE20

check our properties for sale in SE20

N7 £ 642796 £ 1809 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 NW1 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 NW1. 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 242 properties sold in our area for a total amount of £210,917,278. So we’ll need to divide £210,917,278 by 242 to get a figure of £871,559 for the average price of a house.

How property prices have evolved in NW1?

This article will allow you to check the rental and sold prices of properties in NW1.

Looking to buy or sell your property in NW1?

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

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 NW1 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.

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

The average price is here to help you define how much you should be buying a property for or give you an estimate of how much you could sell it for. The average price gives you a very quick overview of the property market in your area. But this does not mean that your property will sell for this price nor should you put an offer for this price. You will have to factor in the specificities of the property you are looking at. Please see below to check in detail the different factors impacting the price.
Before considering buying or selling a property. Cozee recommends that you also have a look at the median price. The median price gives you the price for which 50% of the properties sold in NW1 were sold for a higher price and 50% of the properties were sold for a lower price.
For example in NW1 in 2019 there were 244 Flat sold. The median price was £557,000. This means that 50% of the Flat sold in 2019 were sold for more than £557,000 and also that 50% of them were sold for less than £557,000.
Finally if you want a clear picture of how much your property is worth, our team of experts at Cozee are here to help. Their knowledge of the area is a guarantee of quality as they are connected to today’s market in NW1.

Looking to buy or sell your property in NW1?

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

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