East London boroughs are among the highest performers for both historic and potential future house price growth, according to a new borough by borough analysis of the residential housing market in the capital.
In addition, demand for private rental housing, particularly in central London, contributes to positive forecasts for rental growth across London, according to the research from real estate form CBRE.
According to Jennet Siebrits, UK head of residential research at CBRE, it demonstrates the breadth of the London housing market. ‘Residential property in London reflects the city’s diverse demographics and budgets; from properties for first time buyers, family homes, high end properties and an expanding private rental sector,’ she said.
Average monthly rental for a 2 bed property in London can range between a huge spread of £1000 to exceeding £5000.
East London boroughs have experienced the strongest long-term house price growth in recent years and have among the lowest house prices. Leading the way is Barking and Dagenham, with 51% house price growth over five years, which is more than 2.5 times greater than the London figure of 19.5%.
This is followed by Newham at 49%, Waltham Forest at 44%, Bexley at 42%, Redbridge at 41% and Havering at 40%. ‘Regeneration may have smoothed east London’s rough edges, but it also drew in new residents who helped embed its cool reputation such as tech workers and creatives, and younger demographics drawn by the lifestyle, as well as seeking competitive house prices and rents,’ she added.
For more data from this document, you may head over to the CBRE report .