How the housing market has changed in WC1X – Analysis of the Land Registry

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Cozee is dedicated to offering comprehensive insights into the fluctuations of sold house prices, property prices, and various property options in WC1X. Within this text, we aim to present to you simply and easily how historical shifts in house prices have occurred and then present an analysis of the factors influencing property values in WC1X too. So, read on for all of the information you require.

Looking at the significance of average prices of property transactions in the area of WC1X

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 WC1X 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 25 Flat units. The median price, marked at £530,000, signifies a pivotal point where 50% of these Flat transactions surpassed £530,000, and the remaining 50% fell below. This detailed breakdown of £530,000 illuminates the diverse spectrum of house prices in WC1X 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 WC1X.

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What are the factors influencing the property price in WC1X?

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 WC1X 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 Unfortunately we were not able to gather sufficient data regarding crimes in WC1X. 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 WC1X. 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 WC1X, we’ve compiled a summarised table below:

Type of facility The number in WC1X
Hospitals 0
GP surgeries 43
Chemists 2
Schools 1
Shopping centres within five miles 14
Number of train and underground stations 0 (for exact details see the website)

The economic conditions in WC1X

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 WC1X 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 WC1X 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 WC1X, 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 WC1X, 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 WC1X 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 £10,471 unfortunately we have no data here £9,237
2021 £13,752 £13,318 £11,628
2022 £9,550 £13,318 £11,449

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.

Browsing the features of your next place in WC1X?

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We can provide a fair market valuation for your property or arrange viewings of available listings that match your criteria so don’t hesitate to reach out.

Developments in WC1X

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 WC1X 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 WC1X so you can make a guess as to how desirable the area truly is.

Development No. of planning applications
Green belt 1
Transportation 0
Non residential 2
Planning proposal in progress 2
Residential 0
Recycling 0
Other applications 1

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 WC1X.

Population data

It is important not to forget about the demographic indicators that affect the price of a property in WC1X too. Things like employment levels you may not have thought about and in WC1X, over the past few years, the number of people has in fact decreased between 2011 and 2021 by a factor of -8.71%. This has resulted in the population going from 7,953 to 7260 in ten years, having a negative 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 WC1X?

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 WC1X and nearby When targeting the WC1X 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
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 has the cost of property changed in WC1X?

Work out how the price of property and the average rents of property in WC1X have evolved by checking the price evolution and the rental price changes over time

Looking to buy or sell your property in WC1X?

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

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 WC1X and the rest of the capital.
For an accurate valuation you can rely on, speak to a member of our team instead.

How are the average price for houses, flats and other property calculated in WC1X?

In order to calculate the average price for a house, a flat or a maisonette in WC1X we have analysed the Land Registry dataset over the past 12 years. To come up with this average number we calculated the sum of all the prices paid in the area per property type and divided this amount by the number of properties of this specific type.
Let’s take a look at the average price for a Maisonette in 2021. In our area there were 2 sold for a total amount of £1,580,000. So when we divide £1,580,000 by 2 we land on an average price of £790,000 for houses in the area.

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