How are prices changing in East London?

February 19, 2018

East London Property

East London is a property microclimate, and despite falling temperatures in the rest of the city at the start of 2018, things remain pretty hot in the East.

Such a situation naturally begs the question: why are East London property prices not following the slowing trend which is being seen across inner city areas of London?

Here we try to answer this question and explore the reasons for East London’s unique status in one of the world’s most active property markets.

What’s been going on?

We all know that property prices in East London have been soaring since 2012, but how high have they soared? A recently-compiled article by the Sun newspaper gives us a good idea.

Average property price increase in Stratford since 2012? 55%.

Bow? 68%.

Dalston? 55%.

Leyton? 93%.

Walthamstow? 101%.

Wow! So, given this monumental surge in prices, London’s growth rates should be slowing down, right?

Well. Although there has been a lull in the pace at which property values are increasing in the capital, it seems that East London hasn’t received the memo.

In August 2017, property website homesandproperty.co.uk reported that East London has been powering forward despite stagnating property growth rates in other areas. The article places particular emphasis on Hackney, where a growth rate of 8.9% has been seen in the last year. Other areas of note include Leyton, Redbridge, Greenwich and Newham.

Why is East London not playing the slowdown game?

For those who currently own properties in East London or are on the lookout, the word Crossrail has become extremely significant.

The new high-frequency rail service is set to improve the East’s transport structure immeasurably, with new stations being built at Woolwich, Paddington, Bond Street, Whitechapel, Tottenham Court Road, Farringdon, Liverpool Street, Canary Wharf, Custom House, and Abbey Wood.

Combine all of this with the high demand for affordable property in London, and you have a very popular area, where buying a property is more than just a distant dream. 

Conclusions

Already on the up when the Olympics came along in 2012, East London has continued its sprint down the growth track.

At Waltham Estates, we’ve witnessed the spectacular rise, and rise, of this dynamic area, and it is simply not stopping. Sometimes we still have to pinch ourselves.

But this is great news for those of our clients who are looking to buy a property in the area, whether it be an investment or a future home. By relying on our years of expertise and market knowledge, we are continuing to help property seekers make shrewd and careful choices which will allow them to benefit from the incredible growth being witnessed throughout East London.

 

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