A look back at the Docklands housing market over the last decade
With all of us completing the Census, a couple of weeks ago, it made me realise profoundly that mine and my family’s life, which from our own point of view seems unique and delightful, makes us all into a series of statistics for the Census gatherers to pore over. To digest and regurgitate facts, figures and trends for those who are interested in the ever-changing social circumstances of these islands.
However, the information from the Census is vital to improving our lives - Governments can plan the future with the information it provides and we in turn can wonder about the lives of our past generations with the information provided therein historically if we so wish.
Whilst the information from this Census won’t be published until March 2023, let us have a look at what has been happening in the Docklands property market since the last time we completed the Census in 2011.
Just to remind you, 2011 saw the wedding of Prince William and Kate Middleton, Mr Cameron was the PM, there was the last flight of the Space Shuttle and Game of Thrones premiered.
Whilst in the Docklands property market ….
The average price paid for a Docklands semi-detached home in the last 12 months has been £682,500. The average value of a Docklands semi-detached home has risen by 57.2% in the last 10 years or £216,600
The average price paid for a Docklands town house/terraced home in the last 12 months has been £715,500. The average value of a Docklands town house/terraced home has risen by 46.5% in the last 10 years or £286,100
The average price paid for a Docklands apartment/flat in the last 12 months has been £471,100. The average value of a Docklands apartment/flat has risen by 55.4% in the last 10 years or £173,400
New properties built in Docklands…
Irrespective of any dip in Docklands house prices or transactions when the Stamp Duty Holiday ends in the summer, this is a trend that looks set to continue, with no sign that supply of new homes is anywhere near to keeping pace with demand for households.
There have been 6,746 new properties built in Docklands in the last 10 years, that’s just over 56 a month. That means the population in Docklands has risen by 3.76 people for every new home built over that decade.
Nationally, the country has only built just over 180k homes a year over the last decade 120k less than the national target of 300k. In the meantime, the population has grown by more than 4 million.
When looking locally at the size of new build property in Docklands, the average property is just over 750 sq. ft., which is 24% larger than a decade ago.
Rents in Docklands…
Whether you are a winner or loser in terms of rental values depends on whether you are a Docklands landlord or a Docklands tenant.
The average rent for a property in Docklands currently stands at £1,863 per month, whilst a decade ago, it was £1,467 per month
This means private rents have increased by £3.30 a month for the past ten years. Interesting, when compared to the national average of 98p a month whilst in London as a whole, rents have grown by £4.64 a month.
The next 10 years of the Docklands Property Market…
The next ten years will be just as fascinating. To try and predict would be a fool’s game.
For example, who would have believed what the Docklands property market has done in the last 12 months since the start of Lockdown 1.0. The number of transactions (i.e., people moving) in turn with UK house prices having risen so much in the last year … all during a worldwide pandemic and at a time of such mayhem and havoc in the UK and world economy, is nothing short of remarkable … the question is - is it sustainable?
Read these articles in the coming months and years and I will share with you what is happening to the value of your Docklands property, be you a Docklands homeowner or Docklands landlord.
One place for more information is my Docklands Property Market blog. If you are a landlord or thinking of becoming one for the first time, and you want to read more articles like this about the Docklands property market together with regular postings on what I consider the best buy to let deals in the Docklands area, then it is well worth reading. You can also email me at firstname.lastname@example.org
If you are in the area feel free to pop into the office which is based at Landmark Estates, 264 Westferry Road, London, E14 3AG
Don’t forget to visit the links below to view back dated deals and Docklands Property News.
Free Valuation - lmlondon.com/value-my-property
Facebook – www.facebook.com/LandmarkEstates