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?

Greenwich, London

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.

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Demographics

The population of Greenwich is forecast to grow by nearly 18.5% by 2030.

Population (2018) 286,322
Forecast Population 2030 339,418

Source: data.london.gov.uk


Economically Active Population

Age Range Percentage of Population
16-64 68%
Under 15 22%
Over 65 10%
Marital Status  
Single 43%

Source: nomisweb.co.uk


Average Life Expectancy

Average life expectancy for those born in Greenwich between 2016 and 2018:

Males 80 years
Females 83 years

Source. ons.gov.uk


Population Density

Greenwich is the 17th most densely populated area in the UK, with an estimated 6,083 people per km2 in 2019.

Source: ons.gov.uk


International Migration

In 2018-2019 4,070 new residents from overseas moved to Greenwich.

Source: ons.gov.uk

Country of Birth

Location of Birth Percentage of Population
UK & Ireland 70%
EU 6%
Other Countries 24%

Source: data.london.gov.uk


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.

Source: ons.gov.uk


Education

Schools

Primary Schools 75
Secondary Schools 35
Schools and Colleges (16-18 years) 26
Schools / Colleges rated as ‘Outstanding’ by Ofsted 18

Source: compare-school-performance.service.gov.uk


Universities

University of Greenwich

Health Facilities & Wellbeing

Hospitals

Queen Elizabeth Hospital
BMI Blackheath Hospital (Private)
Memorial Hospital
Eltham Community Hospital


General 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%

Source: data.london.gov.uk


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%

Source: data.london.gov.uk


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

Source. nomisweb.co.uk and data.london.gov.uk


Housing and Property

Number of residential properties in Tower Hamlets 113,840
People per dwelling 2.5

Source: data.london.gov.uk


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%

Source: data.london.gov.uk


Household Composition

One Person households 32%
One family households 55%
Others (sharers etc) 13%

Source: nomisweb.gov.uk


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
Difference +3.4%

Source: london.gov.uk


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

Source. ons.gov.uk


Achieved Rents

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

Source: london.gov.uk


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

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Average Asking Prices – Royal Arsenal

  Minimum Average Maximum
Price £457,000 £661,400 £1,015,000
Price per ft2 £740 £892 £1,001
Area (ft2) 549 746 1,112

Source: Molior

  Minimum Average Maximum
1 bedroom £457,000 £509,615 £452,500
2 bedroom £640,000 £720,714 £832,500
3 bedroom £880,000 £973,000 £1,015,000

Source: Molior


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Historic Buildings at Royal Arsenal

Kidbrooke Village (Berkeley)

Total Number of Apartments 5,300
First Launched October 2010

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Average Asking Prices – Kidbrooke Village

  Minimum Average Maximum
Price £377,500 £525,000 £650,000
Price per ft2 £692 £805 £946
Area (ft2) 399 671 939

Source: Molior

  Minimum Average Maximum
1 bedroom £377,500 £417,500 £457,500
2 bedroom £530,000 £612,500 £612,500
3 bedroom £650,000 £650,000 £650,000

Source: Molior


Greenwich Millennium Village (GMV) (Taylor Wimpey)

Total Number of Homes Approximately 10,000
First Launched 2004

Visit Website


Average Asking Prices – Greenwich Millennium Village

  Minimum Average Maximum
Price £419,995 £558,995 £679,995
Price per ft2 £596 £698 £763
Area (ft2) 570 815 1,141

Source: Molior

  Minimum Average Maximum
1 bedroom £419,995 £427,495 £434,995
2 bedroom £567,500 £584,998 £609,995
3 bedroom £614,995 £646,995 £679,995

Source: Molior


Environment & Leisure

Tourist attractions and leisure facilities include:

The Royal Observatory
The O2
The Cutty Sark
The Emirates Air Lines (Cable Car)
Eltham Palace
Greenwich Park
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 market


Transport

Greenwich’s travel network is in Zone 2.

Overground and Rail Stations

Charlton Eltham Greenwich
Kidbrooke Maze Hill Mottingham
New Eltham Plumstead Westcombe Park
Woolwich Arsenal    

Underground and DLR

North Greenwich (Jubilee line) Deptford Bridge (DLR) Greenwich (DLR)
Cutty Sark (DLR) Elverson Road (DLR) Woolwich Arsenal (DLR)

Governance

Labour Party

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