The capital has long been associated with a booming property market and ever-expanding population. In this series, we’ll look at the latest figures from property management firm CBRE focusing on all of London’s 33 boroughs, separated into north, south, east and west.
East London has seen huge changes over the past decade, many of which were the result of the 2012 Summer Olympics which was largely hosted at Stratford’s newly built Olympic Park.
Barking & Dagenham
Sitting nine miles outside of central London, Barking & Dagenham borough has an average house price closer to the national average than most of London, at £289,938.
The regeneration of Barking Riverside is one of the largest projects in the country, creating a new town in East London with 10,800 new homes, a school, a train station and commercial space. The new Overground service, expected to be open in 2020, will mean commuters can get to the City in 20 minutes.
- Current population: 209,000
- Population growth over next decade: 15%
- Average salary: £25,354
- Average house price: £289,938
- House price growth over last 5 years: 73%
- House price growth 5-year forecast: 22%
- Average rent: £1,190pcm
- Rental growth over last 5 years: 27%
- Rental growth 5-year forecast: 16%
City of London
The financial centre of the capital has a comparatively minuscule population, as would be expected – at present it is just 8,800, with 360,000 working there. It is gradually changing from being just a place of work to a more residential area, although not surprisingly it has one of the highest average house prices in the country.
At the edge of the area a development is in progress, One Crown Place, to create 246 flats, a hotel, office space and retail units.
- Current population: 8,800
- Population growth over next decade: 3%
- Average salary: £59,933
- Average house price: £723,576
- House price growth over last 5 years: 33%
- House price growth 5-year forecast: 18%
- Average rent: £2,764pcm
- Rental growth over last 5 years: 10%
- Rental growth 5-year forecast: 17%
Hackney
The borough is synonymous with trendy Shoreditch and has seen drastic gentrification over the years. It is well-connected with the London Overground, which just announced it will be running a night service to the area, a further boost for properties there.
Tech City falls within its remit, which contains 3,200 technology companies per square kilometre and is another draw for young professionals to the area.
- Current population: 274,300
- Population growth over next decade: 11%
- Average salary: £33,108
- Average house price: £550,230
- House price growth over last 5 years: 73%
- House price growth 5-year forecast: 24%
- Average rent: £2,206pcm
- Rental growth over last 5 years: -4%
- Rental growth 5-year forecast: 22%
Havering
Havering is home to the commercial hub of Romford, as well as some industry around the Rainham area. It is bordered by the M25, and contains a number of tube and train stations with access into London. The new Crossrail will provide three new stations in the area.
It is an affordable area, with London’s second lowest house price to earnings ratio, although it has seen high house price rises over the past year, and is expecting to see a lot of development over the coming years.
- Current population: 254,300
- Population growth over next decade: 12%
- Average salary: £35,474
- Average house price: £361,578
- House price growth over last 5 years: 64%
- House price growth 5-year forecast: 22%
- Average rent: £1,130pcm
- Rental growth over last 5 years: 23%
- Rental growth 5-year forecast: 16%
Newham
Newham is home to Stratford, famous for its huge Westfield shopping centre and for hosting the Summer Olympics in 2012. It has seen an extensive transformation from a somewhat undesirable and downbeat area to a thriving residential and commercial location.
A new hub called ‘Here East’ has attracted a number of new arts, education and tech firms, and the area was reassigned as Zone 2 rather than 3 recently, further adding to its appeal.
- Current population: 342,900
- Population growth over next decade: 12%
- Average salary: £26,433
- Average house price: £346,715
- House price growth over last 5 years: 63%
- House price growth 5-year forecast: 27%
- Average rent: £1,584pcm
- Rental growth over last 5 years: -23%
- Rental growth 5-year forecast: 21%
Redbridge
The borough of Redbridge is known for its green spaces making it an attractive location for families. Around half of its residents are millennials, and the population is growing. House price growth there over the past five years was at the high end of the spectrum at 51%.
With the new Elizabeth Crossrail line due to be completed there, the council are planning to develop and regenerate some areas in the borough – the new line will bring four new stations to the south of the region.
- Current population: 304,200
- Population growth over next decade: 13%
- Average salary: £35,185
- Average house price: £404,860
- House price growth over last 5 years: 51%
- House price growth 5-year forecast: 20%
- Average rent: £1,311pcm
- Rental growth over last 5 years: -2%
- Rental growth 5-year forecast: 19%
Tower Hamlets
From the Docklands and Canary Wharf to Whitechapel and Shadwell, Tower Hamlets is an area filled with diversity. It has changed a lot over the years and is still undergoing regeneration – Whitechapel is expected to receive £1bn of investment, and the financial district of Canary Wharf is also being increased.
Wapping is also being put on the map with London Dock investments, as around 1,800 homes are being built, along with bars, restaurants and shops.
- Current population: 304,000
- Population growth over next decade: 14%
- Average salary: £39,571
- Average house price: £473,439
- House price growth over last 5 years: 68%
- House price growth 5-year forecast: 26%
- Average rent: £2,110pcm
- Rental growth over last 5 years: -8%
- Rental growth 5-year forecast: 23%
The post What you need to know about the London housing market: East London appeared first on BuyAssociation.
