New homes in Waltham Forest

Jul 25, 2017
Why Buy New Homes in Waltham Forest

Spotlight on Waltham Forest

With more green space than any borough north of the Thames yet just a short Tube ride from the West End, Waltham Forest offers the best of both worlds. Attracting first-time buyers and young families, with ambitious growth plans, Waltham Forest house prices are rising fast. If you’re looking to invest in a vibrant and well-connected borough with a bright future, Waltham Forest could be the perfect place to buy your next property. The biggest winner of Olympic-fuelled house price growth Land Registry figures show that in the four years following the London 2012 Summer Olympics, property prices in the six host boroughs rose on average by 64%, beating the rate of growth across the rest of Greater London by more than 10%. And Waltham Forest has seen the strongest price growth with prices rising here over the same period by a massive 76%.[1] And it shows no signs of slowing down. In the year to December 2016 when prices across much of London were grinding to a halt, Waltham Forest still recorded a hike of 13.5%.[2] First-time buyers flock to Walthamstow In rapidly regenerating Walthamstow Central, an average flat currently costs £334,086, which represents excellent value for money. With its Zone 3 location that’s just a 20-minute Tube journey from Oxford Circus, and its fashionable cafes and independent shops, it’s become the number one location for first-time flat buyers. According to recent research by Hamptons International, six out of 10 properties in the E17 postcode are now sold to those buying their first home.[3] Lea Valley Eastside – a new community in the Leyton/Lea Bridge area The area to the north of Queen Elizabeth Olympic Park and on the edge of the Lee Valley Regional Park, the Lea Bridge/Leyton housing zone, is the borough’s major focus for growth. Rebranded as Lea Valley Eastside, it lies alongside some of the borough’s most important employment land. And since Lea Bridge railway station was reopened in 2015, the area also has excellent transport connections. After 31 years of closure, the new station is forecast to serve 352,000 passengers a year.[4] In an area roughly the size of the City of London, the council has plans to create 4,350 new homes over the next 10 years, along with new shops, primary schools, and new community and health facilities. There are also plans for 300,000sq m of employment and commercial space, with the council seeking out developers who specialise in modernising and creating commercial space. With consultation on the plans now closed, the council are to publish their Local Plan this summer.[5] Blackhorse Lane – a magnet for new housing and creative industries Situated within the Mayor’s Upper Lea Valley Opportunity Area, Blackhorse Lane is another of the council’s key regeneration zones. Earmarked for housing development, employment and business growth, it has the potential to provide 2,500 new homes and 1,000 new jobs by 2025. Plans to transform the area include new public open space, highway improvements, schools, community and shopping facilities, spaces for creative industries, a purpose-built music venue, a micro-brewery and improved links to the Walthamstow Wetlands. Designated as a Creative Industries Zone, Blackhorse Lane has been awarded £1.1m by the Greater London Authority’s London Regeneration Fund to encourage creative and tech start-ups to settle in the area. The council plans to spend the money transforming under-used space to provide workshop capacity and creative co-working space.[6] Walthamstow Wetlands – improving access to green space The formerly private land of Walthamstow Reservoirs is being opened up to the public for the first time. When it opens in autumn 2017, Walthamstow Wetlands will be the largest urban wetland nature reserve in the country, giving visitors free access to the wildlife of this vast oasis.  As part of this unique £8.7m project, learning, training and volunteering programmes will promote a better understanding of the site's natural and industrial heritage, helping to ensure a lasting legacy for future generations.[7] The reservoirs will still provide the vital function of supplying water to north London. Yet they will also provide Londoners with 211 hectares of much-needed green space in which to walk, cycle and fish. Importantly, they will help to support the regeneration of the neighbouring Blackhorse Lane housing zone, where industrial units are making way for new homes on land that overlooks the reservoirs.[8] Mini-Holland – making Walthamstow’s streets safer for cyclists and pedestrians Waltham Forest was one of three boroughs to win £27m as part of Transport for London’s Mini-Holland Programme which aims to encourage more people to cycle – and to improve streets and public spaces for everyone. When partial road closures were introduced as part of the pilot scheme that ran in Walthamstow Village in 2015, traffic levels on 12 key roads fell by 56%. Work is now underway to roll-out the scheme across the borough, and create a fully segregated cycle route along the busy Lea Bridge Road. Current asking prices and rental yields The current average value of properties in the London borough of Waltham Forest is £438,532. It has increased 2.60% in the last 12 months and 63.53% in the last five years. For a two-bedroom apartment, the average asking price is £401,515 and the average asking rent is £1,436pcm, which means the gross rental yield is currently 4.30%.[9] This content is correct as of March 2017