How property prices evolved in WC1R?

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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 WC1R. 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 WC1R.

How have property prices changed in WC1R?

In this article, you will be able to find out how the rent and sale prices of properties in WC1R 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 WC1R 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.

What are the factors influencing the property price in WC1R?

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 WC1R 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 WC1R. 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 WC1R we have summarised these factors in the table below:

Type of amenities Number in WC1R
NHS Trusts (hospitals) 0
Practitioners 0
Pharmacies 0
Schools 1
Shopping centres (within a 5mi radius) 20
Public transports (number of train or underground stations) 0 (for more details we recommend that you have a look at tlf

Economic conditions in WC1R

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 WC1R 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 WC1R. 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 WC1R 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 WC1R, 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 WC1R?

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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 WC1R, 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 WC1R 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 £13,674 £12,606 £12,050
House unfortunately we have no data here unfortunately we have no data here unfortunately we have no data here
Maisonette unfortunately we have no data here unfortunately we have no data here 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 WC1R

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 WC1R up. We have simplified you the task of finding out how many developments will come up in the coming years in WC1R.

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

Note: the applications below are the applications referred to the London Mayor by the local planning authority (usually WC1R ‘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 WC1R

One of the last major impacting factors of the price of a property in WC1R will be the demographic indicators.
Population growth being the first. In WC1R, over the past years the population has decreased between 2011 and 2021 by -24.44% going from 630 to 476. 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 WC1R

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 WC1R versus nearby locations

If you are looking to buy or sell in WC1R, 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 WC1R 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
NW1 £ 1294503 £ 2355 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

NW8 £ 1919428 £ 1986 See rental properties in SE20

check our properties for sale in SE20

SE11 £ 647925 £ 1868 See rental properties in SE20

check our properties for sale in SE20

How are the average price for houses, flats and other property calculated in WC1R?

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 WC1R. 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 £2,675,001. So we’ll need to divide £2,675,001 by 3 to get a figure of £891,667 for the average price of a house.

Why is the average price important when buying or selling your property in WC1R?

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 WC1R were sold for a higher price and 50% of the properties were sold for a lower price.
For example in WC1R in 2019 there were 12 Flat sold. The median price was £741,000. This means that 50% of the Flat sold in 2019 were sold for more than £741,000 and also that 50% of them were sold for less than £741,000.
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 WC1R.

Looking to buy or sell your property in WC1R?

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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