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Borough by borough 2016: Waltham Forest
Bordering Hackney and Newham and only 20 minutes from Oxford Street, Waltham Forest experienced the second highest average house price growth in Outer London last year at 22%, a trend that looks set to continue.
Situated in the north of London and bordering Hackney and Newham, Waltham Forest experienced the single highest average house price growth in Outer London last year at 22%. This is the third highest average house price growth in London overall and brings the borough’s current average house price to £365,336.
This places Waltham Forest as the twelfth least expensive borough in London which, when coupled with its significantly higher than average recent growth, suggests it is a strong choice for first time buyers and investors alike. This growth is seen again in the local rental market where, at £1,199, average rents in the borough are currently the sixth lowest in London but enjoyed the third highest rental growth at 7.6% over the last year.
Three factors promise to maintain this upward trend going forward, the first being population growth. It is expected that Waltham Forest will experience London’s sixth highest population growth over the next decade at 12.2%. This equates to 33,325 additional people in the borough and, as always, more people equates to more housing demand.
Secondly, Waltham Forest has been earmarked by the Mayor of London as a Housing Zone. These are areas where, in an effort to meet London’s growing housing requirements, a public-private partnership will see surplus land made available for developers to build new housing. The resulting units will be a combination of for sale and for rent. Given the expected 12% population increase, the additional supply will certainly be met with more than adequate demand.
The third factor is merely a matter of overspill. Bordering Hackney, which has London’s eighth highest average house price at £606,005, and Newham, which enjoyed the highest average house price growth in London overall in the last year, Waltham Forest is bound to benefit from a knock on effect as these two other boroughs continue to flourish.
Additionally, Waltham Forest provides a good choice for families, with 70 primary schools, two of which are listed as outstanding, and good transport links to Oxford Street (20 minutes), Liverpool Street (17 minutes) and Canary Wharf (42 minutes).