A Market Overview – Walthamstow and London Housing market
The London Borough of Waltham Forest, which includes Walthamstow and Leyton, has seen an eight-year price growth, since the financial crisis.
Analysis from the house price monitor, Hometrack, has revealed that certain areas and boroughs of London have continually outpaced prime areas of the capital since the recession in 2009. In the East End of London, Walthamstow and Clapton have seen the biggest increases; both boasting an average price increase just over 133 per cent since 2009. Leyton has also seen an impressive price rise of more than 128 per cent.
As a result, the overall average house price in Walthamstow is currently £478,419 (April 2017), putting it in the lower end of the average house price in London; which is currently at around £636,777 (April 2017).
- Nadeem Maqsood; (Sales Manager of Waltham Estates) is confident that house prices in Waltham Forest will rise by 20% by 2020. The highest rate in any London Borough.
In comparison, the more sought after or ‘favourable’ neighbourhoods such as Mayfair, Hampstead and Fulham; have managed a comparatively modest increase of only 88%. However, looking at the actual house prices in these areas, this figure is nonetheless very impressive. The average value on London’s most expensive houses increased rapidly during the early stages of the recovery from the financial crisis. Mainly fuelled by large amounts of investment from overseas buyers.
As borrowing costs came down, following the global recovery from the financial crisis, mortgages became widely available, which created a resurgence of first time buyers and buy to let landlords. This led to another boost in housing demand in London’s outer boroughs, and therefore house price growth in these areas has continued to exceed the growth price in Central London.
We believes that price growth across London will start to fall due to Brexit. However, all things considered, price growth will likely to continue to be strongest in more ‘affordable’ locations, and weakest in the more expensive areas of London.