East London is a front runner for new homes
New analysis has suggested that the overall strategic housing growth in East and North West London are the front runners for London’s new homes market. Both areas are driving the property market forward. The latest Land and New Homes Report show that East London is set to see growth of 26.3% and the North West of London a growth of 39.1%. These figures show new home building is thriving, and we are confident that the trend will continue for the foreseeable future.
More building in the pipeline as planning for new homes increases
The figures from the Kinleigh Folkard & Hayward report suggest that the number of units and schemes seeking approval is up. The applications have been growing steadily in numbers since 2017. John East, director at KFH Land and New Home said ”We will have a decade of building and change on the horizon if the Mayor’s London Plan is approved”.
Most popular new builds in London are apartments
One in every seven properties sold in 2018 was a new build property. Apartments are also the more popular new builds on the market, accounting for nine out of ten new builds sold in London in 2018. The future of housing is looking much different than in times gone by. The skyline of London has changed greatly and new high-rise developments in East London is definitely driving this upwards trend.
Increased demand from first-time buyers entering the property market
Mortgage applications are up and first time buyers, boosted by the Help to Buy Scheme, are in the market in large numbers. The number of first time buyers in the wings directly affects the demand for new homes. If you are thinking of buying your first home, see our tips on how first time buyers in London can get a mortgage approved.
The fact that almost two thirds of new build properties are under £600,000 is a huge plus. New homes in East London are generally fantastic value and superb quality and a good number of them can be found within this threshold. The area is growing in popularity year on year. It is a fantastic location for work and socialising, travel options are good and amenities are superb.
Interested in living or investing in East London?
Take control of the direction you are moving in. If you think this vibrant and happening part of the city is for you then give us a call today. One of our team in your local London Henry Wiltshire estate agents office would be delighted to help you sort out your next move.