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Trends on Buying to Rent in and around London

Lint Group Highlights London and Essex Hotspots.
Starting to look to buy property in the UK can be a challenging task. More so if you are looking for property to invest in London. We have experienced an increase in demands in the most attractive hot-spots in the country. When deciding to invest in property in, particularly in London, you must be aware of the current market trends to make sure your get the right return on investment. 
 
Before you venture out into the market and start your search, here are a few tips on where to look.
 
Property hotspots in London
 
Here are some top locations that property investors in London are marking their territory:
 
Barking
 
Barking in East London is one of the best places to invest in property at present. The area offers great value on property as well as high rental yields. The Barking Riverside has plans for more than 10,000 new homes and commercial facilities. Barking offers easy connectivity to central London, thanks to the District Line. Another rail link is being built to cover the Barking Riverside, which is set to complete by 2021. This will make the area even more accessible.
 
The average property price in the Barking and Dagenham borough is estimated to be around £318,527 while full ownership of a one-bedroom flat starts from around £262,500 in Barking Riverside.  
Newham
 
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
 
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
 
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. 

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*Please note property prices are correct at the time of publishing September 2020