New homes in Redbridge
New homes in Redbridge
Spotlight on Redbridge
London’s ‘leafy suburb’, Redbridge offers one of the Capital’s best living environments. With its quiet family appeal, great outdoor space, good schools and fast Crossrail links coming soon, it’s no wonder its residents are London’s most satisfied. Prices are still affordable, but they’re rising fast. If you’re looking for a good-value property with great rental potential, now could be the ideal time to invest in Redbridge.
Crossrail driving up house prices
The high price of property in central London has caused increasing numbers to look for property in more affordable outer areas, and Redbridge is one of the Capital’s major beneficiaries. House prices in Redbridge near its four Crossrail stations have rocketed by more than 40% in the last five years. In Ilford, the average price for properties in the vicinity of the new station has risen from £279,288 in 2012 to £400,332 in 2017 – an increase of 43%. In Chadwell Heath, they have jumped up by almost 50%.
In 2016 alone, Redbridge recorded annual growth of 11%, and it’s one of seven outer London boroughs tipped to enjoy the Capital’s highest house price growth in 2017. Crossrail’s new Elizabeth line opens fully from December 2019, making homes near Redbridge’s Ilford, Seven Kings, Goodmayes and Chadwell Heath stations even more appealing. As prices here are still relatively affordable, they are expected to continue to beat the London average over the next few years.
Transforming Ilford town centre
Work recently began on a £15m project to give Ilford a makeover in the run-up to the launch of Crossrail in 2019. Between now and 2019, residents can expect new street paving, trees, benches, street lights and cycle stands, as well as pop-up units for music and food stalls. And to accelerate house building in the borough, the Mayor of London designated Ilford town centre as a new housing zone. This paves the way for over 2,000 new homes to be delivered by 2021, creating up to 4,000 jobs.
With the arrival of Crossrail, together with new homes, shops and leisure facilities, Ilford’s becoming known as a great place to live. This is why it was recently named by Estate Agents Portico as the number one place in London where you can make money from buy-to-let properties. With yields of up to 5.5%, they predict that Ilford will attract a new wave of renters when Crossrail arrives next year. And thanks to an array of news cafes and shops popping up, the area is being touted as the new Bethnal Green.
Improving transport links
When the Elizabeth Line trains start running next year, journey times from Ilford to Bond Street will be slashed from 33 to 24 minutes, and to Paddington from 43 to 27 minutes. Similar gains will be available from Redbridge’s three other Crossrail stations – Seven Kings, Goodmayes and Chadwell Heath. The borough is already well-served by the Central line, offering an easy Tube commute to the City. For drivers, there is easy access to the North Circular Road, the A12 and the M11.
Offering a great quality of life
With around a third of the borough designated as green belt land, it’s easy to see why Redbridge is known as the ‘leafy suburb’. Ideal for outdoors-lovers, it’s blessed with a wide variety of parks, forests, lakes and open spaces. These include 300 acres of countryside at Hainault Forest Country Park, the scenery and fishing lakes at Fairlop Waters Country Park where people can sail, windsurf and kayak across 40 acres of water, and the ancient oak trees and meadows in the conservation area of Claybury Woods and Park.
The borough is home to some exceptional schools. Of the wide range of schools and colleges it offers, 73% have been judged as either ‘good’ or ‘outstanding’ by Ofsted. Redbridge is also known for its great shops. Wanstead’s high street is lined with an array of independent shops. And Ilford’s Exchange shopping centre offers almost 100 shops and restaurants under a curved glass roof.
Home to London’s most satisfied residents
The borough has the Capital’s best levels of life satisfaction. In a recent life-satisfaction survey conducted by the Office of National Statistics, it came top of all London boroughs. What makes Redbridge so special is its mix of excellent schools, green spaces, great rail networks and good road access. This is a quiet, family-friendly borough that doesn’t feel like London – yet it’s very easy to get into the city.
Current asking prices and rental yields
The current average value of properties in the London borough of Redbridge is £442,376. It has increased 2.38% in the last 12 months and 54.94% in the last five years. For a two-bedroom apartment, the average asking price is £318,044, and the average asking rent is £1,302pcm, which means the gross rental yield is currently 4.90%.
This content is correct as of April 2017