Focus on… Greenwich: Grass is always greener in Greenwich
THE ROYAL Borough of Greenwich is a leafy haven bursting with heritage. Newly royal – the title was bestowed upon the town in 2012 – it was the birthplace of Tudor kings, the sanctuary of injured sailors, a popular holiday resort, and now the home of time itself.
Like time, houses prices stand still for no man, and property values have been marching on in Greenwich. Jones Lang LaSalle estimates they’ve risen by at least 10 per cent in the past year.
“The start of the year is typically seasonal for house hunting,” says Graham Lawes, associate director of residential for the estate agent, “with many buyers on the lookout over the Christmas period and an influx in enquiries from January onwards. However, we are currently noticing a shift in demographic with buyers migrating from north and west London to Greenwich.” He adds that these migrators are often couples in their late-20s to early 30s, working as professionals in the City who are looking to settle down.
The morning commute is probably the breeziest in London with Greenwich National Rail, Docklands Light Railway, the Emirates Airline cable car, and the Thames Clipper River Taxi your local options. As such, the area attracts a diverse range of people, from University of Greenwich students to families drawn to the primary schools, to young professionals.
Greenwich Royal Park, which boasts a deer compound and breathtaking views over the city, is one of the largest green spaces in London. Tourists and shoppers also make up a fair portion of pedestrians in Greenwich with Greenwich Market, the Cutty Sark, The National Maritime Museum, and The Royal Observatory all popular attractions.
“Over recent years, we’ve seen an influx of investment here with several new developments, particularly along the river, which has resulted in an increase in buy-to-let landlords in the area,” says Kelly Durdey, lettings manager at Kinleigh, Folkard, and Hayward’s Blackheath branch. “With confidence in the sales market and a variety of mortgage products now available, property prices in Greenwich have risen sharply and, as a result, some landlords have chosen to take advantage of the current conditions and cash in.”
One and two bedroom apartments are proving the most popular with renters. A two bed in the area typically costs £1,800 a month, while a four bedroom family home will command around £3,000 a month.