The average house price in Croydon last year was £365,931 – far higher than the average house price for England as a whole, which was £247,914. The figures were revealed by the government’s Land Registry Office last October.
Population-wise, there were a total of 345,936 people living in Croydon at the time of the last census. Of that figure 168,357 residents were male and 177,579 females. Of those residents, 269,185 people permanently lived in the area. Just over half (137,214 residents) lived as a couple, while a mere 6,000 less individuals (131,971 residents) lived in a single person household.
General property market in Croydon
In January 2019, there were 3,209 properties for sale in Croydon according to the website Home.co.uk. Statistics for the site showed a property in the town typically takes around 169 days to sell.
Of the total number of properties to buy in Croydon, the majority were flats (1,614) and priced at an average £304,665. Next highest category was semi-detached homes (644 properties), then terraced properties (604). Finally, there were 215 detached properties.
In terms of room size, two-bedroom properties were the most popular, with 1095 advertised for sale. There were 921 three-bedroom properties, 653 with one bedroom, 346 with four bedrooms and 105 homes for sale had five bedrooms or more.
Private rental market in Croydon
In January 2019, there were 1560 properties for private rental in Croydon. The average rental price was £1,180pcm. By far the majority of properties (960) were flats, with 380 houses and 164 rooms to rent.
The most popular number of bedrooms per rental available was two (497 properties). Around 417 properties had one bedroom, while 228 rental properties had three bedrooms. There were 112 houses with four-bedrooms and 20 with five bedrooms or more.
Recent investment in the area
Former Mayor of London Boris Johnson dubbed it the ‘Economic Powerhouse of South London’. And, certainly, recent regeneration cash of £5.25bn will change not only the physical aspect of the town, but also the way it is perceived in future.
Around £1.5bn of investment money will be spent on a new retail and leisure complex by Unibail-Rodamco-Westfield and Hammerson. This is to incorporate no less than 10,500 new homes, as well as seven new hotels and 2.8m sq ft of first-class commercial office space (which will cost two-thirds less than the same quality of office in Central London, just 15 minutes away by train). The development is expected to be complete by summer 2023.
Towards the end of last year, a total of £166m for Growth Zone funding in the area was approved. This involves 46 projects to regenerate both transport and public spaces for residents and visitors to the area. It means upgrading the train station, along with providing more trams and buses. A new town hall and streetscaping is also part of the ambitious plans, which have been scheduled to take place over the next four years.
Best areas for specific property strategies
Thornton Heath and Bensham Manor are two areas which are popular with HMO landlords. Both have large Victorian houses, which work well as conversions. HMOs in the area are capable of commanding yields anything from 8% to 16%.
Buy to let landlords have plenty of choice, especially with lots of new apartment developments in the area. Back in 2016, the area was rated fourth best in London for buy to let landlords, with yields of around 5%.
Speak to Matthew Russell who specialises in investment property.
Call 0333 123 1330