With central London housing prices stalling in the last year, many report that Walthamstow may very well be the next property hot spot. Despite the lower house prices in this north-east neighbourhood, there was last year an increase in house sales which meant that the area produced £1.6m more potential revenue than Pimlico last year. Central London’s housing market is affected by a range of issues, that areas like Walthamstow can happily avoid.
In Walthamstow, last year, 1,722 properties changed hands for an average of £395,000, amounting to £680m in sales, significantly higher than in Pimlico where 514 properties sold, amounting to a market worth of £618m.
Walthamstow epitomizes the term gentrified, with it’s transition from gritty urban over-spill to leafy Hackney suburb, assisted by artisan coffee shops and an influx of young families.
Last year the number of property millionaires in Waltham Forest, grew 56% as the number of homes worth £1m or more hit 1,330.
In central London, transactions fell particularly sharply last year as a result of stamp duty changes. Furthermore, the central London market is set to stay fairly subdued until there is clarification on Britian’s membership of the EU.
Areas like Walthamstow are less affected by political and economic uncertainty than central London, a market driven by overseas investors. With the Chinese economy experiencing difficulties and global oil prices dropping, central London is hugely under the cosh. Rapid price rises and a glut of newly built expensive flats, aren’t helping to improve the market in zone one either, there is even talk of a crash.
At Waltham Estates, we love our local area. If you are thinking of moving to the happening borough of Waltham Forrest, we will do all we can to point you in the direction of some of the best deals on the market. Whether you are looking for properties to buy in Walthamstow or properties to let in Walthamstow, we help all our customers find their dream home or apartment, with professional care and property management along the way. Call us today.