Surprisingly Useful:
Local News

Spotlight on Redbridge: Market Insights

December 10, 2020

If you’re looking for a home in a neighbourhood that offers a good quality of life, Redbridge on the Eastern fringes of London could be a good choice.

In a recent survey by the Office of National Statistics, Redbridge came top of all London boroughs in a comprehensive survey that asked residents, ‘how satisfied are you with your life?’. It also figured in the top ten London boroughs with the highest proportion of good passes at GCSE in English and Maths, according to the Department for Education.

And property prices here are not only affordable, they are likely to grow at a strong rate over the next few years thanks to the imminent completion of Crossrail. Properties sell quickly in Redbridge too, so it’s worth a closer look.

Redbridge – three places in one

Redbridge is actually three places in one – Ilford, Woodford and Wanstead Flats – and, as a London borough, it has only been in existence since 1965 as part of the reorganisation of London’s local government.

There was considerable debate over the name of the new borough, and the eventual name ‘Redbridge’ was a compromise. The name comes from a bridge over the River Roding built from red brick, unlike other local bridges made from white stone. The red bridge was demolished in 1921, but the name lives on.

Although 55 years have passed since the merger, the three districts still have distinct identities, although they all share a strong sense of community. Woodford has many open spaces and parks and is close to Epping Forest. Ilford is more urban, but with a good selection of parks. Wanstead Flats is the southern boundary of Epping Forest and has a very large area of open land where ‘commoners’ can still graze their cattle. It has more of a village feel, with many good restaurants, bars and cafes. All three areas share good transport links. They are close to the A12 trunk road with its links to the M25. Woodford is an easy commute to the city on the Central Line. Wanstead has both overground and Central Line stations, while Ilford currently only has overground rail links on the Great Eastern Line to Liverpool Street.

However, the completion of Crossrail will change Ilford and will put Tottenham Court Road less than 25 minutes away while the journey to Heathrow will take about 50 minutes.

Related: How Landlords Can Utilise The Growing Airbnb Market In Chigwell And Woodford

Wide variety of property for sale

The arrival of Crossrail is likely to fuel demand for properties in the area and Ilford is already experiencing an increase in property investment and influx of buyers because of its high potential for growth. Rightmove predicted that prices in the area could rise by as much as 17 percent by 2024.

The area has a mix of flats, terraced houses and family homes with variations in prices across the borough.

Zoopla put the average property price in Redbridge at £453,526 in December. That represents an increase of 1.51 percent since September, but was 1.5 percent lower than December 2019. Flats fetched an average of £354,472 with terraced houses averaging £199,293.

There are significant variations. Family homes in Wanstead Flats, for example, have sold for more than £800,000 while in districts such as Gants Hill or Seven Kings, part of Ilford, flats are available for around £200,000 and houses for £450,000.

Rightmove suggests slightly different figures for the borough with average property prices of £473,974 over the past 12 months. Terraced houses, which make up the majority of properties in the area, sold for an average of £577,114, semi-detached properties averaged £637,429 and flats were available for an average of £185,612.

We would say that the average selling price is slightly lower around £420,000, which is slightly lower than the average London price. Properties in the borough have one of the shortest selling times, which, coupled with good selling prices, makes Redbridge a good prospect.

Find out how much your Redbridge home is worth in 60 seconds with our instant property valuation tool.

4 Bedrooms, 2 Bathrooms

Chester Road, Seven Kings, IG3

£590,000 (Freehold)

View property details

5 Bedrooms, 2 Bathrooms

Gwendoline Avenue, Forest Gate, E13

£650,000 (Freehold)

View property details

3 Bedrooms, 2 Bathrooms

Felicia Way, South Ockendon, RM16

£275,000 (Freehold)

View property details

2 Bedrooms, 1 Bathroom

Hilltop View, Woodford Green, IG8

£300,000 (Leasehold)

View property details

4 Bedrooms, 2 Bathrooms

Forest Way, Woodford, IG8

£1,350,000 (Freehold)

View property details

A changing rental market

The Homelet Rental Index found that rents across London had fallen by 4.4 percent, year on year, compared to an average rise of 2.9 percent across the whole of the UK.

Fifteen of the twenty-one London boroughs monitored by Homelet showed a year-on-year decrease, but Redbridge and Waltham Forest were among the few to achieve an increase.

Homelet believes that the impact has been greatest on central London, driven partly by the demand for larger properties suitable for people working from home and partly because of continuing uncertainty over Brexit.

That puts outer London areas like Redbridge at an advantage, particularly with the borough’s good transport links to central London and beyond. In fact, Portico’s East Region office has achieved a 3.3 percent increase on the previous year’s rents for landlords, highlighting the borough’s strong investment potential.

Portico can help

Redbridge has many attractive features for homebuyers, tenants and landlords. If you would like to find out more about the area, or about properties for sale, please contact our East Region office on 020 8518 5411 where our team can give you the inside story.

We already know how much your rental property is worth. Type your postcode to find out and get an online valuation within 60 seconds.

Get an Instant Valuation

Special offers from independent local businesses

Find Out More
More Portico Places

The Exhibit Balham (Clapham)
20% off food Monday – Friday

Blue Mountain (Dulwich)
A free starter & glass of rum punch with your meal (T&Cs apply)

Perky Blenders (Leyton)
10% off in Perky Blenders Cafes

Before you go
Before you go...

Would you like an instant property valuation?

No thanks Yes please