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Borough by borough 2016: Redbridge
Known for its swathes of green space with award winning parks and playgrounds, affordable house prices, 79 primary schools and 13 libraries, Redbridge is tailor-made for families with young children.
The north eastern outer borough of Redbridge, which spans to include Woodford and Ilford, is known for its many parks, playgrounds and open spaces, six of which have attained the prestigious Green Flag Award. The borough has 13 libraries and 79 primary schools, one of which is listed as outstanding. The combined picture that these aspects paint is one of a London borough tailor-made for children.
In line with this, Redbridge has a 64% share of owner occupiers. This trend is bolstered by its average house price of £357,214, which is the eighth lowest in Outer London, together with the borough’s average salary of £41,396, which is the sixth highest in Outer London. However, despite the fact that the borough is predominantly owner occupied, it still experienced the fourth highest rental growth (7.3%) in Outer London over the last year.
Current projections estimate that within the next decade there will be a further 40,443 people living in Redbridge; at 13.6%, this is the fourth highest expected population growth in the whole of London. However, in contrast to this, there are only 311 units currently under construction and 1021 currently with planning permissions. Quite clearly the discrepancy between these two figures is huge, Redbridge’s looming supply and demand imbalance echoing that of London as a whole.
In response to this impending shortage of housing, Redbridge Local Authority is actively supporting the development of Build to Rent schemes. Development Securities Plc is currently the lead bidder on one such scheme which would provide 349 potential rental units, while Carlton Group Developments Ltd is lead bidder on another that would provide 105 units. Given that London needs to build 42,000 new homes every year until 2020 these schemes are the logical next step in an everevolving industry.
In addition, with the opening of a Cross-rail station in Ilford in 2018 and the resulting shortening of travel times into central London, property prices in the area around the new station are expected to rise by 2.5% over and above usual house price growth.