Property prices in UB2 – an analysis

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different types of properties leading to different prices

Exploring property prices when buying property in UB2 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 UB2 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.

For houses and flats and other properties, how are the average prices in UB2 calculated?

The data below was calculated by doing the calculation for creating averages, adding up all the prices paid for a given property type and then dividing by the number of sales for the same property type over the past 12 years in UB2. Therefore giving you the average price for a house and flat.
Let’s examine the average price for a Flat in 2021. There were 136 sold for a total amount of £49,488,088. So when we divide £49,488,088 by 136 we land on an average price of £363,883

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

The average price serves as a useful tool in determining the appropriate purchase price or providing an estimate for potential property sales. It offers a swift overview of the local property market in your area. However, it’s crucial to understand that this figure doesn’t necessarily represent the exact selling price, and it’s not advisable to make an offer based solely on the average. Specific property details must be taken into account, considering the unique features of the property you are interested in. Further details regarding the various factors influencing the price are provided below for a more comprehensive understanding.
Prior to delving into property endeavours, Cozee emphasises the importance of exploring the median price as an invaluable indicator. By revealing the price at which 50% of the properties in UB2 were sold for more and 50% for less, the median price adds depth to the understanding of house prices. Distinguished from the average, this metric provides a clearer picture of the distribution of property values in the local market. It serves as a strategic tool for buyers and sellers, aiding in well-informed decisions regarding property transactions and contributing to a more transparent and dynamic property market.
In the property market during 2019, observe the exchange of 121 Flat units. The median price, marked at £312,000, signifies a pivotal point where 50% of these Flat transactions surpassed £312,000, and the remaining 50% fell below. This detailed breakdown of £312,000 illuminates the diverse spectrum of house prices in UB2 during 2019, providing essential insights for those considering property purchases or sales. For a comprehensive understanding of your property’s worth, Cozee’s expert team is at your service, boasting unparalleled knowledge and connectivity to the contemporary market trends in UB2.

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What are the factors influencing the property price in UB2?

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 UB2 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 UB2, the crime rate is around 148 per thousand people. This rate can be considered as highand will have a negative impact on the price of a property in UB2. 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 UB2 we have summarised these factors in the table below:

Type of amenities Number in UB2
NHS Trusts (hospitals) 1
Practitioners 46
Pharmacies 9
Schools 14
Shopping centres (within a 5mi radius) 14
Public transports (number of train or underground stations) 1 (for more details we recommend that you have a look at tlf

Economic conditions in UB2

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 UB2 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 UB2. 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 UB2 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 UB2, 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 UB2?

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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 UB2, 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 UB2 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 £4,840 £5,271 £5,684
House £4,071 £4,638 £4,638
Maisonette £2,771 £3,693 £3,874

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 UB2

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 UB2 up. We have simplified you the task of finding out how many developments will come up in the coming years in UB2.

Type of development Number of planning applications
Residential 2
Transportation 0
Non residential 0
Planning proposal in progress 0
Green belt 0
Recycling 1
Other applications 0

Note: the applications below are the applications referred to the London Mayor by the local planning authority (usually UB2 ‘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 UB2

One of the last major impacting factors of the price of a property in UB2 will be the demographic indicators.
Population growth being the first. In UB2, over the past years the population has grown between 2011 and 2021 by 17.96% going from 32,239 to 38030. 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 UB2

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 UB2 versus nearby locations

If you are looking to buy or sell in UB2, 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 UB2 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
TW5 £ 484276 £ 1239 See rental properties in SE20

check our properties for sale in SE20

UB1 £ 372847 £ 1304 See rental properties in SE20

check our properties for sale in SE20

W7 £ 600582 £ 1424 See rental properties in SE20

check our properties for sale in SE20

TW7 £ 511622 £ 1368 See rental properties in SE20

check our properties for sale in SE20

UB3 £ 387254 £ 1231 See rental properties in SE20

check our properties for sale in SE20

TW3 £ 443963 £ 1335 See rental properties in SE20

check our properties for sale in SE20

TW4 £ 392859 £ 1235 See rental properties in SE20

check our properties for sale in SE20

W13 £ 745474 £ 1468 See rental properties in SE20

check our properties for sale in SE20

UB4 £ 403724 £ 1225 See rental properties in SE20

check our properties for sale in SE20

How has the cost of property changed in UB2?

In this article, you will be able to find out how the rent and sale prices of properties in UB2 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

Looking to buy or sell your property in UB2?

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

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 UB2 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.

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