YOUR INSIGHT TO THE GREENWICH PROPERTY MARKET G RE E N W I C H
Edition 4 4
Homeworking boom fuelling demand for properties A rise in the number of buyers working from home across Greater London is among the key drivers in a surge in demand for properties, as the UK recovers from the COVID-19 pandemic. The homeworking trend accelerated last year due to necessity, to maintain social distancing during the health crisis. But as offices begin to open in the coming months, a number of employers and staff are favouring hybrid models of working - where employees share their working week between office and home. Homeworking is clearly here to stay, and this is being reflected in the property market. Buyers are increasingly looking for homes with enough space to set up a desk or office, whether in a spare room or in living or dining spaces. Natural light near where they are working at home is another top priority. Proximity to parks and countryside is another key feature that homeworking buyers are looking for, particularly if they own a pet.
FEATURED PROPERT Y
GUIDE PRICE
£550,000-£575,000 DEVONSHIRE DRIVE, SE10 A rare opportunity to purchase this three bedroom apartment and a garden, with a bonus garage and off street parking and no forward chain and there is also development potential.
Visit www.fjlord.co.uk or call the Greenwich branch on 020 8293 8555 to book your free valuation.
Market Analysis for Greenwich: Average price of sold properties over the past 6 months (£) Source: Land Registry
647k
610k
606k
FEATURED PROPERT Y
£650,000
584k
December
January
February
572k
571k
March
April
DREADNOUGHT WALK, SE10
May
Where are Greenwich buyers coming from?
Average selling price by bedrooms in Greenwich
Source: Felicity J Lord
Source: Home.co.uk
No chain for this stylish apartment with impressive creek river views, two bedrooms and two bathrooms, split level duplex offering spacious accommodation and a house feel, with two bathrooms.
3 Bed
22% 1 Bedroom
2 Bedrooms
£367,691
£505,721
78%
FEATURED PROPERT Y
£599,995
CATHERINE GROVE, SE10
Moving within Greenwich postcodes 22% Moving from outside Greenwich 78%
3 Bedrooms
4 Bedrooms +
£750,120
£1,022,732
No chain. This rare duplex property has a fantastic size living area with extremely high ceilings, with two good sized bedrooms and two bathrooms and bonus office/study ideal for working from home.
£606,741
Recently reduced on the market Source: Felicity J Lord Intelligence
Property
Was
Now
Collington Street, SE10
£590,000
£575,000
Devonshire Drive, SE10
£400,000
£375,000
Thames Street, SE10
£375,000
£350,000
Dowells Street, SE10
£525,000
£500,000
Cranbrook Road, SE8
£400,000
£375,000
Mauritius Road, SE10
£599,950
£575,000
St. Georges Mews, SE8
£550,000
£525,000
Armoury Road, SE8
£275,000
£260,000
Telcon Way, SE10
£390,000
£385,000
Visit www.fjlord.co.uk or call the Greenwich branch on 020 8293 8555 to book your free valuation.
Average price paid Source: Land registry
898
Registered applicants with our branch Source: Felicity J Lord
731
Properties sold in last twelve months Source: Land registry
Property Overview for Greenwich: Latest properties Sold/Let in Greenwich Source: Felicity J Lord Intelligence
Property
Price
Beds
Transaction Date
Pelton Road, SE10
£1,725 PCM
2
17/04/2021
Bessemer Place, SE10
£1,850 PCM
2
19/04/2021
Marlton Street, SE10
£1,750 PCM
2
19/04/2021
Old Woolwich Road, SE10
£1,850 PCM
2
19/04/2021
£475,000
Whitbread Road, SE4
£375,000
2
26/04/2021
WOODLAND CRESCENT, SE10
Arica Road, SE4
£375,000
3
27/04/2021
A wonderfully spacious duplex apartment with fantastic views looking towards Canary Wharf and Londons skyline.
Banning Street, SE10
£465,000
2
28/04/2021
Eddystone Road, SE4
£675,000
3
04/05/2021
Creek Road, SE8
£465,000
2
05/05/2021
FEATURED PROPERT Y
According to estate agents’ body NAEA Propertymark, there are now an average of 13 buyers for every available property. This is backed up by property website Home.co.uk who says that supply is struggling to keep pace with demand. It found that the total stock of homes for sale has dropped by a quarter in the last year and by more than a third since 2018. In addition, the number of properties being sold over the asking price is at its highest level since 2014, adds NAEA. Meanwhile, Home.co.uk puts the value of the average home in London at £543,987. This is a rise of more than £2,000 on the previous month and up by more than £25,000 over the year.
What our customers say about us Source: Google reviews “Alex and his team were brilliant in helping us sell our flat last month viewings / advertising went really well, they found us a buyer within a week of going on the market, and then Alex was a fantastic, calm and responsive help in keeping the sale moving. Really grateful, thank you!” - Kitty H, April 2021 “Selling our high end property in the current climate seemed a tall order but the team at FJL, managed by Alex and with the superb professionalism of Amelia, made this look very easy where other estate agents struggled considerably. Both Alex and Amelia were excellent to deal with throughout the process and extremely proactive - all you could ask for in the situation of selling a house which can, at times, be quite a stress ! Great Service - Attitude and Teamwork from all at FJL !!” - Kevin Watts, March 2021 Reviews shown on Google Reviews as of 28 May 2021
Closer to home in Greenwich, the average price of a one bedroom property is £367,691 and a two bedroom average sells for an average of £505,721. Additional house price analysis shows that the average price of a three bedroom property in Greenwich is £750,120 and the four-plus bedroom average stands at £1,022,732. The figures also show that in Greenwich, the average number of days it takes to sell a property is 183. The rise in prices is not just being seen across the capital. Nationally, the areas experiencing the biggest price rises include Wallasey in Merseyside and Penzance in Cornwall, according to property website Rightmove. Demand is being further bolstered by incentives for first-time buyers such as stamp duty reductions and low borrowing costs, says Rightmove property expert Tim Bannister. He expects to see “strong price growth continue for the rest of the year”. He says to buyers that due to the “frenetic market” there is a “very real possibility that you could miss out on the home you really want to move to if you haven’t already put your own up for sale, or if you’re a first-time buyer and you haven’t first researched what you can definitely afford”. “We recently found that a much higher proportion of chain-free homes are up for sale, so it’s clear some buyers are already choosing to sell first and buy next rather than tie themselves into a chain,” he added. Visit www.fjlord.co.uk or call the Greenwich branch on 020 8293 8555 to book your free valuation.
Exclusive, innovative technology to find the best buyers FLINK™ is a unique technology that matches your home’s best features with the things your buyers love, so they’re more likely to click, arrange a viewing and make an offer.
Perfect for working from home
Talk to your local Felicity J Lord branch for a free valuation of your home.
Homeworking tips According to an Institute of Directors survey of around 1,000 firms, three quarters of employers plan to continue increasing homeworking options among their staff even when offices are open. Here are our top tips on taking the strain out of working from home: • Work/life balance - Make sure your home life and working life can be as separate as possible. Work in a spare room if you can. Consider using a foldaway or tabletop standing desk that can be removed from living or dining spaces at the end of the working day. • Don’t forget the view - Make sure you are near a window and get plenty of natural light. • Be comfortable – Home offices need not be sterile. Make sure your office space at home has added touches such as house plants and wall decorations. Add colour too, with rugs, carpets, pictures or wallpaper.
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FEATURED PROPERT Y
GUIDE PRICE
£400,000-£425,000 VICTORIA PARADE, SE10 A stylish and bright one bedroom apartment, measuring internally 550 Sq.ft with a private balcony, a moments walk from Greenwich town centre and Cutty Sark DLR.
Alexander Lawrence
Jason Twenefour
Senior Branch Partner
Lettings Branch Manager
D 020 8293 8555 E alexander.lawrence@fjlord.co.uk
D 020 8269 0844 E jason.twenefour@fjlord.co.uk
Greenwich Felicity J Lord
@greenwichfjlord
Visit www.fjlord.co.uk or call the Greenwich branch on 020 8293 8555 to book your free valuation.
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