Woolwich has a superb history of being both a military and industrial town and home to the Royal Arsenal. The Royal Arsenal was a significant military hub throughout the nineteenth century, and was the largest munitions manufacturer in the whole of the UK. The Royal Arsenal was very important to the British Military, not only being one of their most significant manufacturers, but also for the research it conducted into explosives.
Fast forward to the twenty first century and Woolwich has seen a rapid rate of development. Woolwich has recently had vast amounts of investment, largely due to the 2012 Olympic Games, which saw the Government focus on developing and rejuvenating the areas around the main Olympic site in East London, making property investment in Woolwich a very attractive prospect for potential investors. The Woolwich regeneration has seen many new developments, including the development of Canary Wharf as a new commercial hub, the opening of the London City Airport, the creation of the Olympic Park for the 2012 Olympic Games and also the regeneration of the Docklands. The Woolwich area is developing at a faster rate than anywhere else in London and that is a big reason as to why properties for sale in Woolwich are so popular.
In Woolwich, approximately 70% of the residents that are of legal working age are in full time employment, and around 18% are graduates or have a professional qualification. Many young people that work in and around the centre of London are being attracted by the Woolwich area and are seeking to buy property for sale in Woolwich.
The Woolwich area has great transport facilities and is an important river crossing, with the Woolwich Ferry that transports vehicles and cargo across the river, and also the refurbished pedestrian Thames tunnel that allows people to walk from one side of the river to the other. Transport facilities within the local area include the Mainline Rail and Docklands Light Railway, an extensive bus service and the Thames Clipper river bus that has a 30 minute journey time to Canary Wharf. In 2018, there will also be the introduction of a Crossrail station that will reduce the journey time to Canary Wharf to just a few minutes.
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Over the last year, the prices of properties for sale in Woolwich have increased by more than 33%, with the average price of property in Woolwich at £373,088, and the average house price in the local area is £540,550.
The average property price in Woolwich is 35.1% lower than the average London property price of £575,102.
Popular types of property for sale in Woolwich are detached and semi-detached houses, with an average number of 3 bedrooms per household.
However, the recent developments within the area are set to continue with the creation of new modern flats and luxury apartments close to the river, also set to be completed in 2018.
In the Central Woolwich area, there has also been a significant transformation, with the introduction of a new town square with a water feature, a large outdoor screen and outdoor furniture to provide comfort for shoppers and tourists.
Throughout Woolwich, there are many high quality pubs and restaurants, a theatre, a cinema, a leisure centre and green spaces, all to provide entertainment and things to do for local residents and visitors to the area.
There are also many sources of education in the local area, with two primary schools graded as ‘Outstanding’ and several others rated as ‘Good’ by Ofsted.