If you’re trying to decide which area of London you should buy a property, maybe it’s time to look east. Whether you’re climbing onto the property ladder for the first time, you’re looking to move for those extra couple of bedrooms or you’re looking for a buy-to-let property, there are many advantages to moving east; the prices are lower, the areas are undergoing a huge amount of regeneration and there’s no compromise in terms of proximity to Central London and local amenities.
We’ve spoken to the local experts in our high street offices in East London and pulled together six areas you should look to invest or buy property right now. Explore the areas below.
Walthamstow has seen huge changes in the last five years. As many people moved in looking for cheaper properties and an area to settle down with a family, the businesses soon followed, and the area is now a hub of activity and a pleasant place to live.
Just on the fringes of Walthamstow sits Blackhorse Road. One stop closer to Central London on the Victoria Line, the area benefits from 24 hour access on the line at the weekend, aswell as the Overground Line and good bus connections. Many changes have happened in Blackhorse Road in recent years, with companies like Blackhorse Workshops moving in and growing quickly here.
Sean, Office Manager at Portico in Walthamstow tells us, “Blackhorse Road is a popular area for many reasons. The properties on offer are ‘Warner Houses’ – an unique property to this area. These are very popular, with some offering the opportunity to create another room in the loft, for those in need of an extra room without another move.”
Zoopla data shows that average house prices in Blackhorse Road are £461,032, which grew almost 4% in the last 12 months. In Walthamstow overall the average price paid currently sits at £509,036.
According to our Yield Map, rental yields are a high 4.3% in Blackhorse Road. A great example of a property here is this two bedroom ex-warner property.
Closer to Central London, Mile End has always been a popular spot, but has not yet priced out. The Queen Mary University of London is on one side and popular Bow and Victoria Park is on the other. Commuting to Shoreditch, The City and Canary Wharf is ideal from Mile End, with the DLR, buses and the District, Hammersmith and City and Central Lines. It’s easy to escape the city, with parks, canal paths and the Olympic Park within easy walking distance. If you’re after restaurants, bars and shops, Westfields is a short 10 minute tube ride, and Shoreditch is a 20 minute bus ride.
Chris, Office Manager at Portico in Bethnal Green says, “Many areas closer into London in Tower Hamlets have grown in price over the years but Mile End has maintained good value for money. There’s been loads of regeneration here, with several new residential complexes being built over the last few years, and more being planned. Now is the time to buy in Mile End.”
Zoopla data shows that average price paid at Mile End is £487,270 which grew almost 3% in the last 12 months. In Tower Hamlets overall the average price paid currently sits at £523,801.
According to our Yield Map, rental yields are a high 4.3% in Mile End. A great example of a property here is this large two bedroom flat close to Mile End.
Leyton, just south of Walthamstow, is a great area to buy right now, on the edge of regeneration as it has grown in popularity over the past few years. Still very reasonably priced, the area offers tonnes of local amenities on your doorstep, easy access to London with its own Central Line station and the, now complete, Olympic Park and gardens to its left.
One area you should consider is the Clementina Estate, sitting in the North West of Leyton. With local schools, amenities and Jubilee Park as a neighbour, this is a great space to look if you are searching for a family home.
Marc, Office Manager at Portico in Leyton told us, “Where Walthamstow have Warner Houses, we have Abrahams Houses, which are a similar design and concept. Francis Road is the most popular area of Leyton but if you’d like similar sized properties which are slightly cheaper than Francis Road and nearby Walthamstow, have a look at the Clementina Estate.”
Zoopla data shows that average price paid in the Clementina Road area is £420,000 which grew over 5% in the last 12 months. In Leyton overall the average price paid currently sits at £453,885.
According to our Yield Map, rental yields are a high 4.7% in this area. A great example of a property in this area is this three bedroom home on Tallack Road.
If you’re looking to move east and out of the city centre a little, there are some great options along the Central Line, such as Hainault. This area offers the best of both worlds – easy access into Central London but a bit of peace and tranquillity amongst the trendy gastropubs and golf courses of Greater London.
Hainault has seen much regeneration in the past few years, with property developments in action around the area. With 24 hour weekend access to Central London by tube, there’s nothing inconvenient about living a little further out, you can just get a little more for your money out here.
Matt, Office Manager at Portico in Chigwell says, “This part of London is a great area in which to live; the open green spaces and easy community atmosphere is very much apparent. Hainault in particular is a great prospect right now, due to its prices being lower than its neighbours – but as popularity grows this will change as the area becomes more and more popular.”
Zoopla data shows that the average price paid in Hainault is £404,522 which grew over 3% in the last 12 months. In the whole borough of Redbridge, the average price paid currently sits at £467,490.
According to our Yield Map, rental yields are a high 4.8% in this area. A great example of a property in this area is this three bedroom home in Hainault.
Forest Gate is the area on everyone’s lips at the moment. One of the spots lucky enough to be benefiting from the Crossrail, Forest Gate is finally on the map. For its fantastic location, the area is extremely well priced, so popularity is growing at a rapid rate.
Neighbour Stratford offers everything in the form of amenities and transport links to every corner of London. Westfields is located here, as well as Stratford’s jam-packed high street of its own. The Marshes and the Queen Elizabeth Olympic Park are both within easy reach too, if you’re after some peace and quiet.
Rash, Office Manager at Portico in Forest Gate said, “Forest Gate is a fantastic area to buy property for many reasons. The period properties on offer have character and are incredibly sought-after, the area has maintained a great character and it’s so easy to get anywhere from here. With the Crossrail on the horizon popularity, and prices, are only going to increase.”
Zoopla data shows that average price paid in Forest Hill is £471,202 which grew 5% in the last 12 months.
According to our Yield Map, rental yields are a high 4.6% in this area. A great example of a property in this area is this one bedroom in Forest Gate.
Last but not least is Ilford. A great area, which offers easy access by rail to Central London, Ilford is also a slower pace of life than further into London. With gorgeous green areas and plenty of amenities on offer, the area is also benefiting from being on the new Crossrail line too. Alongside the Crossrail itself, which will allow fast and easy access across London, the area has also then benefited from investment, which will be used for residential development and an extension to the shopping centre near to the station. Many young professionals are moving to the area, which will mean regeneration will follow shortly.
The Drive is a sought-after area which is not only within a great location right now but will also definitely benefit from value growth in the future. Nina, Office Manager at Portico in Ilford says, “The Drive has it all – it’s a 10 minute walk from the new Crossrail Station, Valentine’s Park and all of the amenities you need. Being a great family area, the schools are also outstanding. There’s loads of new property developments going up around here too, making it easier to find property in an area of Ilford with such a good reputation.”
Zoopla data shows that average price paid in The Drive is £564,333 which grew 3% in the last 12 months.
According to our Yield Map, rental yields are an incredible 6% in this area. A great example of a property in this area is this spaceous three bedroom house.
If you're looking to buy a property in East London, see what our 7 East London estate agency offices have to offer. They can also help you if you're looking to sell a property so visit www.portico.com or call 020 7099 4000 if you need our help today.!!!!!!