New Build Investor Guide – Greenwich
Buying a new build property off plan? Check out our Area Guide first
Are you considering purchasing a new build, off plan property in Brent? Want to get the latest information on house prices, demographics and other useful information before you commit to a deal?
Our Area Guides give you the latest relevant information from local governments, the Census and the Office of National Statistics (ONS) data. They’re designed for offshore, new build property investors to help you understand an area in detail so you can make informed investment decisions.
Read on for investor details specifically about Brent but if it’s more detail about the wider UK property market you need, you can download our latest report here. In our report we address two key questions:
1 Is investing in UK residential property still worth it?
2 If so, where are the best opportunities for property investors and why?
The Royal Borough of Greenwich is one of twelve inner London boroughs, located east of central London. Covering an area of approximately 18 miles2, Greenwich lies immediately south of the River Thames and borders the boroughs of Bexley, Bromley and Lewisham.
Home to new build developments Kidbrooke Village and Royal Arsenal, Greenwich is a favourite location for offplan, offshore investors. If you’re an investor thinking about buying in Greenwich, our report provides data on the important factors that can underpin your investment decisions: house prices, average rents being achieved, demographic and economic information. We also provide data on some of the most popular schemes in the borough for buying off plan, to help you make informed investment decisions.
The population of Greenwich is forecast to grow by nearly 18.5% by 2030.
|Forecast Population 2030||339,418|
Economically Active Population
|Age Range||Percentage of Population|
Average Life Expectancy
Average life expectancy for those born in Greenwich between 2016 and 2018:
Greenwich is the 17th most densely populated area in the UK, with an estimated 6,083 people per km2 in 2019.
In 2018-2019 4,070 new residents from overseas moved to Greenwich.
Country of Birth
|Location of Birth||Percentage of Population|
|UK & Ireland||70%|
Crime and Safety
Just over 26,383 crimes were committed in Greenwich in the year to September 2020 – the 6th highest of all London boroughs.
|Schools and Colleges (16-18 years)||26|
|Schools / Colleges rated as ‘Outstanding’ by Ofsted||18|
Health Facilities & Wellbeing
|Population considering themselves in very good health||51%|
|Population considering themselves in very bad health||2%|
Employment & Economy
|Employed population aged 16-64||73% (compared to London 74% and England 75%)|
|Unemployed population aged 16-64||6%|
Top 4 Sectors of Employment
|Public administration, education and health||29%|
|Distribution, hotels and restaurants||19%|
|Finance, banking and insurance||18%|
|Transport and communication||9%|
Jobs & Job Density
|Median Gross annual Pay (full time employee jobs) (2017)||£32,814|
|Number of jobs in Tower Hamlets||107,000|
|Jobs per resident||0.55|
Housing and Property
|Number of residential properties in Tower Hamlets||113,840|
|People per dwelling||2.5|
Property Ownership (2018)
|Own property outright (no mortgage)||16%|
|Own property with mortgage||33%|
|Rent from a Housing Authority or the Local Authority||33%|
|Rent from private landlord||18%|
|One Person households||32%|
|One family households||55%|
|Others (sharers etc)||13%|
Average House Prices
House prices in Greenwich are the cheapest of all Inner London boroughs. Across the whole of London, only 6 boroughs are cheaper.
|Average achieved price January 2020||£397,523|
|Average achieved price January 2021||£411,066|
Volume of Sales
During the COVID pandemic, the volume of house sales in the borough fell by nearly 30% (the 6th highest decline of all London local authorities).
|Number of residential sales to year ending September 2019||3,194|
|Number of residential sales to year ending September 2020||2,232|
Mean monthly average rents in Greenwich (January to December 2020).
|Studio||£850 per calendar month|
|1 bedrooms||£1,150 per calendar month|
|2 bedrooms||£1,350 per calendar month|
|3 bedrooms||£1,600 per calendar month|
New Build Development in Greenwich
Construction began on only 525 new apartments in Greenwich in 2020 and a total of 2,275 apartments were under construction at the end of the year. A total of 1,151 were completed during 2020, 207 of which were unsold completed units.
But buying off plan property can mean it’s more difficult to obtain data to form an accurate picture of what’s really going on in the market. In this next section we’ve tried to capture information investors buying off plan will find informative, including average house prices so that you can get a better understanding of the new build housing market in Greenwich.
Royal Arsenal (Berkeley)
|Total Number of Apartments||Approximately 5,000|
|First Launched||October 2010|
Average Asking Prices – Royal Arsenal
|Price per ft2||£740||£892||£1,001|
Historic Buildings at Royal Arsenal
Kidbrooke Village (Berkeley)
|Total Number of Apartments||5,300|
|First Launched||October 2010|
Average Asking Prices – Kidbrooke Village
|Price per ft2||£692||£805||£946|
Greenwich Millennium Village (GMV) (Taylor Wimpey)
|Total Number of Homes||Approximately 10,000|
Average Asking Prices – Greenwich Millennium Village
|Price per ft2||£596||£698||£763|
Environment & Leisure
Tourist attractions and leisure facilities include:
The Royal Observatory
The Cutty Sark
The Emirates Air Lines (Cable Car)
The National Maritime Museum
8.5 miles of open river frontage
Traditional town centres of Greenwich, Woolwich, Eltham and Blackheath Village
Retail Parks – Charlton and Thamesmead
Greenwich’s travel network is in Zone 2.
Overground and Rail Stations
|New Eltham||Plumstead||Westcombe Park|
Underground and DLR
|North Greenwich (Jubilee line)||Deptford Bridge (DLR)||Greenwich (DLR)|
|Cutty Sark (DLR)||Elverson Road (DLR)||Woolwich Arsenal (DLR)|