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Borough by borough: Enfield
An Outer London borough with a growing population, significant regeneration underway, Cross-rail 2 on the horizon and 15% average house price growth over the last year alone, Enfield is going from strength to strength.
Enfield is London’s outermost northern borough, with a population of 329,143 and an expected increase of 11.5% over the next decade. That equates to 37,872 extra people – all of whom will need somewhere to live.
As it stands, there were only 126 units completed in 2014, with 862 currently under construction and a further 817 with planning permissions. This falls massively short of future demand.
In recognition of this looming supply and demand imbalance, Enfield Local Authority is actively supporting Build to Rent schemes. These large-scale private rented sector developments will be crucial in providing a fillip to new housing supply. Given that London needs to build 42,000 new homes every year until 2020 to address the expected increases in the capital’s population, these schemes are the logical next step in an ever-evolving industry.
Average house prices in the borough currently stand at £321,520, which is the 6th lowest in Outer London suggesting somewhat overlooked opportunities. However, within this average lie very distinct price brackets from £539,026 (EN4) at the higher end of the spectrum to as low as £246,120 (EN3) at the lower end. It is, therefore, the lower value areas which are particularly untapped as they are bound to benefit from value ‘overspill’ of sorts from the higher value areas. Additionally, Enfield has been named as a potential site for a Cross-rail 2 station in the coming years which will, in turn, further raise average house prices surrounding the station.
There is also a significant amount of regeneration planned for the borough which will provide housing, business space, jobs, improvements to the infrastructure and a primary school. Meridian Water, for instance, is one of the key development and investment opportunities in north London, the £1.5 billion investment on the 85 hectare site will create over 5,000 homes and up to 3,000 jobs by 2026. In addition, Ponders End high street will provide up to 250 new homes and Alma Estate will include four iconic 23 storey tower blocks.