In the past twelve months homeowners in Redbridge East London have seen house prices increased by more than double. Prices have grown by 8.9% increasing from £35,000 to an average of £442,000. Whilst growth is seen in the borough, the overall London picture is the quite the opposite, experiencing year-on-year price falls for the first time since the 2009 recession. Current prices in the capital have an average price of £472,000 – a decrease of nearly £5,000 in comparison to this time last year.
Why is Redbridge witnessing such growth?
Redbridge’s attractiveness has grown due to the development of the high-speed east-west train network Crossrail, which is due to open at the end of this year. There will be four stops in the borough at Ilford, Seven Kings, Goodmayes and Chadwell Heath. This new infrastructure is increasing property prices and demand for homes in these areas especially Ilford and Seven Kings. These same areas didn’t experience large increases that the rest of London witnessed over the last five years.
Redbridge is renowned for its good state, grammar schools and soon to be transport links . These attractions have proven popular amongst families. Homeowners have realised that you can buy a whole house in these areas for the same price as a one or two-bedroom flat in other parts of London.
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