Market analysts have been predicting a tough future for the property scene in London, expecting current events to result in shocks to the property sector. Some even fear that the current housing bubble will burst, causing prices to fall. The latest report from estate agents Savills could put these fears to rest though.
In their newly released forecast they claim that house prices could continue to rise all across London over the next five years. Of the 32 Boroughs in the capital Waltham Forest and Lewisham could see prices grow by up to 20%. This would make them the two hottest areas in the city.
According to the data Waltham Forest currently has an average house price of £393,000. If the 20% growth occurs it would cause this to rise over the £400,000 mark, reaching £471,600 by 2020. This would make it the best performing area in the period.
Waltham Forest is proving to be popular because it is home to a number of highly regarded areas including Chingford, Walthamstow, and Leyton. Additionally the new late night Tube service serves the area. The Borough has seen a surge in demand amongst buyers and investors looking outside of established central areas, becoming a very highly sought location.
There is still a need for caution though even with the forecast. Savills stated that the predictions will be influenced by rises in interest rates. If they go up too quickly the growth in house prices could be curtailed because access to finance may become limited and the cost of lending will rise. It is wise to proceed with caution.
Finefair has seen the huge boom in popularity the area has enjoyed first hand. We operate in Waltham Forest providing a wide range of services such as estate management and lettings solutions. The demand has risen substantially and more people are looking to purchase here. Fortunately we have the flexibility to cater for our clients and deliver the best services.