Newham is another borough in East London that attracts property investors in the UK. It has seen 49% growth in property prices in the last 5 years. Newham's popularity increased especially after the 2012 Olympics as Stratford’s Olympic Park and London Stadium are located here. There has been a growth spurt, both in population and commercially.
The current average property price in Newham is around £445,425.
Redbridge is a promising location for property investors in the coming years. According to forecast, this area will overtake all other boroughs in London by 17% in the next 5 years. Redbridge is a well-connected area of London and further improvements in connectivity are underway with the new Elizabeth Line. The area is popular for its greenery and has some award-winning parks and forests. Redbridge also has some of the best primary schools in London.
The average property price in Redbridge is £488,632 currently, with Woodford Wells being the most expensive and Little Heath being the cheapest areas in the borough.
Tower Hamlets is a more expensive area in East London, being in proximity to prime areas such as Whitechapel, Poplar and Canary Wharf. Tower Hamlets offers a diverse range of properties and more tall buildings are coming up soon. The borough is also investing in improving connectivity and making the area more friendly for cyclists and pedestrians too. The current average property price stands at £545,550 but more affordable options are available in the east end.
Buying property in Essex
London has always attracted those seeking careers and the urban lifestyle, leading the property market to experience rocketing rents and sky high property prices. The Coronavirus lockdown and the feeling of being restricted in small properties has now begun to make Londoners rethink and seek space outside the city, and in some cases, a move closer to family. The changes to lifestyle and remote working is now driving some residents far beyond the suburbs to the Home Counties such as Essex.
Essex is the primary focus of The East of England Plan, which has proposed to deliver 127,000 homes and 131,000 jobs by 2021. Essex is also getting connected by Crossrail in 2021 while the East-West line is set to complete in 2023.
Essex is growing in popularity as a buy-to-let area as property costs in London become unaffordable for many. Buy-to-let investors and tenants find the Essex County both pocket friendly and appealing.
*Please note property prices are correct at the time of publishing September 2020