The average house price in East London at the beginning of the year was £396,931 - higher than the average house price for England as a whole, which was £247,914, according to the Land Registry Office last October. Flats were the most popular type of property in the area.
In January 2019, there were 479,779 properties for sale in East London. Breaking that down, there were 570 properties in Stratford, where the asking price was £483,063 and property usually took around 198 days to sell. By far, the majority (78.8%) of the properties for sale were flats at 432 properties. Next was terraced homes with 87, semi-detached with 25 and four were detached houses. The most popular size of property was two bedrooms (232 properties) with the next one bedroom (162 properties).
In Forest Gate and surrounds, the average property was selling for £486,893. In January 2019, there were 206 for sale. More of a family area, terraced homes were the highest category with 44.9% (or 88 properties), with 79 flats, 25 semi-detached homes and four detached. Three-bedroom and two-bedroom properties were the highest categories size-wise, at 57 and 52 properties respectively. Only 34 were one-bedroom flats.
Private rental market in East London
In January 2019, there were 158 properties for private rental in Forest Gate, where the average rental price was £1,450 pcm. Most rental properties (79) were flats, with 48 houses and 22 rooms to rent.
The most popular number of bedrooms per rental available was two (38 properties), quickly followed by three-bedrooms (32 properties) and one-bedroom (25 flats). There were 15 houses with four-bedrooms and 3 with five bedrooms or more.
At £2,318 pcm, the average rental in Stratford was almost £1000 more than in Forest Gate. There were also more properties available for rent with 1,917 advertised on the website Home.co.uk. An overwhelming number of rentals were flats (1,560), with just 117 houses and 111 rooms to rent.
Two-bedroom properties topped the list with 771 available. There were 427 one-bedroom flats and 306 properties with three bedrooms. A total of 42 properties for rent had four bedrooms, with 25 to rent with five bedrooms.
Recent investment in the area
Stratford benefitted hugely from the Olympics legacy and it’s still going from strength to strength. Young single professionals, couples and families are moving in to the area and taking advantage of all those superb sporting facilities. Regeneration is expected to create 100,000 jobs in the area, as well as thousands of students. Legacy Wharf, serviced apartments with their own concierge and communal living facilities, is just one of the new developments created by £22 billion worth of public/private investment by 2025.
The huge redeveloped shopping mall, Westfield, is also in the area, as is an Arts Centre and theatre. Crossrail will arrive in 2019, giving even more reasons for young professionals to move there.
And, sitting just outside Stratford, residents in Forest Gate and other parts of Newham will also benefit from all the new investment – but without the corresponding higher property prices (yet!).
Best areas for specific property strategies
Last year, it was boasting yields of 4.7% and Stratford is still tipped as one of the capital’s buy to let hotspots. Look out too for serviced apartments being developed in the area.
Speak to Nadia Khan who specialises in investment property.
Call 0333 123 1330