New Build Investor Guide – Havering

May 2021

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?

Havering, London

Havering is one of 20 outer London boroughs and is located in east London.  Spanning over 43 square miles, it is the 3rd largest London borough by area.   Havering is a largely suburban and is the most easterly of all London boroughs. It borders the county of Essex and the London boroughs Redbridge and Barking & Dagenham. It includes the main towns, Romford, Hornchurch, Rainham and Upminster.


Demographics

Havering’s population is forecast to grow by just over 16% by 2030

Population (2018) 257,511
Forecast Population 2030 298,889

Source: data.london.gov.uk


Economically Active Population

A largely young, diverse, mobile population.

Age Range Percentage of population
16 – 64 61%
Under 15 21%
Over 65 18%
Martial Status:  
Single 33%

Source: data.london.gov.uk


Average Life Expectancy

The average life expectancies for those born in Havering between 2016 and 2018 are below.

Males 80 (UK average is 79). Males born in Havering have the 8th shortest life expectancy of all London boroughs.
Females 84 (UK average is 83). Females born in Havering have the 12th shortest life expectancy of all London boroughs.

Source: ons.gov.uk


Population Density (2011)

Havering has 2,310 people per km2. Lower than the London average of 5,701 people per km2 and the 2nd lowest density of all London boroughs.

Source: ons.gov.uk

International Migration (2018-19)

1,495 new residents from overseas moved to Havering in 2018 -2019. Twenty-nine other London borough’s welcomed more new residents from overseas than Havering.

Source: ons.gov.uk

Country of Birth

Location of Birth Proportion of Population
UK and Ireland 91%
EU 2%
Other countries 7%

Source: data.london.gov.uk


Crime & Safety

Crime Numbers (April 2017 – March 2018)   18,418
Crime rate per 1,000 population (April 2017 -March 2018) 73
Havering has the 9th lowest crime rate per 1,000 people of all London boroughs.  

Source: data.london.gov.uk


Education

Schools

Primary Schools 70 (11 of which have an Ofsted rating of outstanding)
Secondary Schools      26 (2 of which have an Ofsted rating of outstanding)
Schools and Colleges (16-18 years) 11 (1 of which have an Ofsted rating of outstanding)

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


Universities

London South Bank University – Havering Campus

Hospitals

Queens Hospital

General Wellbeing

Population considering themselves in very good health 46%
Population considering themselves in very bad health 1%

Source: data.london.gov.uk


Employment & Economy

77% of working aged people employed (compared to 75% across England 74% across London).

Top 4 Sectors of Employment

Public administration, education and health    31%
Finance, banking and insurance 24%
Distribution, hotels and restaurants 13%
Transport and communications 11%

Source: data.london.gov.uk


Major Employers

In 2020, there were 25 companies in the borough employing more than 250 people and 105 companies employing between 50 and 249 people. (source: nomisweb.co.uk).

Jobs and Job density

Aproximately 47,260 residents of Havering also work in the borough. 28,723 people travel into the borough each day for work and 57,271 residents work outside the borough. The daytime population of the borough therefore decreases by 28,548 people each day. (source: data.london.gov.uk).

Median Gross Annual Pay for full-time employee jobs (2017) £31,365
Number of jobs in the borough (2019)            92,000
Jobs per resident        0.49 (London average 1.03 and UK average 0.87)

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


Housing

Number of residential properties in Havering 104,550

Source: data.london.gov.uk


Property Ownership (2018)

own property outright (no mortgage) 41%
own property with mortgage 34%
rent from a Housing Authority or the Local Authority 15%
rent from a private landlord (representing approximately 9,800 private rentals) 10%

Source: data.london.gov.uk

Household with no car or van (2011) 23%

Source: nomisweb.co.uk


Household Composition

One person households    29%
One family households     65%
Other  (sharers / students etc)   6%

Source: nomisweb.co.uk


Average House Prices

Average house prices in Havering are the fifth cheapest of the 32 London boroughs and prices rose by over 7% between January 2020 and January 2021. Of the 10 cheapest London borough’s average house prices in Havering grew the most.

Average achieved price January 2020 £361,024
Average achieved price January 2021 £387,744
Increase/Decrease  +7.4%

Source: www.gov.uk


Volume of Sales

During the COVID pandemic, the number of property transactions in the borough of Havering fell by 15%. Twenty-five London boroughs saw larger falls in transaction volumes.

Number of residential sales to year ending September 2019 3,130
Number of residential sales to year ending September 2020    2,671

Source: ons.gov.uk


Achieved Rents (January to December 2020)

Mean monthly average rents in the London Borough of Havering:

  London Median Rents
(per calendar month)
Havering
(per calendar month)
Studio     £950 £700
1 bedroom £1,200 £900
2 bedrooms £1,450 £1,120
3 bedrooms £1,750 £1,375

Source: london.gov.uk


New Build Developments in Havering

There are three large new build developments in Havering with apartments currently available for sale. Average asking prices for three of these developments are set out below.

Construction PropTech Pioneer

Knightswood Place (Persimmon)

Total Number of Houses and Apartments 394 (343private)
First launched September 2018

Visit Website


Average Apartment Prices – Knightswood Place

  Minimum Average Maximum
2 Bedroom £300,000 £308,611 £340,000

source: Molior


St George’s Park (Bellway)

Total Number of Apartments and Houses 290 (264 private)
First Launched November 2019

Visit Website


Average Apartment Prices – St George’s Park

  Minimum Average Maximum
2 Bedroom £297,995 £346,495 £399,995

source: Molior


Papermill House (Galliard)

Total Number of apartments 109
First Launched September 2020

Visit Website


Average Price – Papermill House

  Minimum Average Maximum
Price £199,000 £235,308 £400,000
Price per ft² £503 £639 £719
Area (ft²) 304 377 795

source: Molior


  Minimum Average Maximum
Studio £199,000 £212,000 £220,000
1 Bedroom £230,000 £235,000 £245,000
2 Bedroom £400,000 £400,000 £400,000

source: Molior


Environment & Leisure

Havering has more than 25 parks and and open spaces. Fourteen of these have been awarded ‘Green Flag’ status – a national award that recognises the best green and open spaces in the country.

3 leisure centres
Facilities to hire including:
Football pitches
Cricket pitches
Rugby pitches
Bowls Green
Hockey pitches
Tennis Courts
10 libraries

Transport

Havering’s overground and underground stations are in Zone 6.

Overground Stations

Emmerson Park Gidea Park
Harold Wood Rainham (Essex)
Romford Upminster

Underground Stations

Elm Park (District line) Hornchurch (District line)
Upminster Bridge (District line) Upminster (District line)

Local Government

The Labour Party

UK market report 1536x768 2 PropTech Pioneer