At the start of January Halifax released their table of house price winners for 2017, charting those areas in the UK that had seen the highest growth in the year. The top twenty features an incredible fifteen destinations from the south of England and London.
According to the figures the average price rise for a property in the UK in the period was 2.7% or £6,677 in real monetary terms. The top performing area saw almost five times this growth. Cheltenham had a 13% increase in prices and saw an average change in real monetary terms of £36,033.
In London the biggest locations for growth were Newham at 10.2% (£37,344), and Redbridge and Barnet both with 7.7% (£33,891 and £41,697 respectively). This shows that even in uncertain times investors are still drawn to the capital. Interestingly each of these areas is outside of the traditional prime areas, showing further evidence that investors are looking at locations where they can find better value for money.
New research also suggests that more and more Londoners are moving one or two Tube stops further out of the city centre to get on the property ladder or move up it. Redbridge was one of the most popular destinations for this. It is home to several stations on the Central Line, promising easy commutes into the City and the West End.
An interesting driver for growth in these areas, including Redbridge, is the creation of new amenities. As more people relocate further outside the capital there are more opportunities for creating new bars, cafes, shops, and other leisure pursuits. These follow the crowd and make growth areas even more attractive.
At Finefair we keep a close eye on which areas in London offer good potential for growth and attractions for investors and tenants alike. That way we can provide great services for all of our clients.
One area where we stand out is as the most approachable lettings agent Redbridge has to offer. We are focused on ensuring every client has the best experience with us, delivering the most rewarding customer service we can. This has helped us to build long term relationships with landlords and tenants.
If you have any questions for a lettings agent please contact us.