The property market in London has seen quite some changes in the past year, with the pandemic driving many people out of cities and heading to the suburbs for the larger houses that they can buy for the same money as their smaller inner-city properties.
My London reports that according to research from estate agent Savills, the shift in the market will continue for several years, particularly as people seek to make use of the Help to Buy scheme, which ends in 2023.
Savills also pointed to the East London Corridor, which is made up of the seven London boroughs of Waltham Forest, Havering, Redbridge, Hackney, Tower Hamlets, Newham and Barking and Dagenham, stating these areas will be property hotspots and will see ‘robust levels of housing demand’ when the Help to Buy scheme ends.
This is because six out of the seven boroughs have a lower average house price than London as a whole, with the median property value of homes in the East London Corridor standing at 14 per cent lower than the rest of the capital.
Savills predicts that this means buyers who can no longer rely on government support to buy centrally-located homes will look to these more affordable areas instead.
Current East London residents will already be aware of the benefits of living in one of these seven boroughs, as they have good connections to Central London, have rich East End history, ample green spaces, and a wide range of activities for locals.
Small businesses are often at the heart of these East London boroughs, and a great sense of community offers support to residents from all walks of life, and the boroughs are seeing a lot of investment into their future growth.
This public and private sector investment mean more employment opportunities, upgraded transport infrastructure and improved local amenities.
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