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London house hunters look east

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05/08/2015
Those seeking properties in the capital are increasingly looking towards east London, market data has suggested.

Research by online estate agent eMoov found that demand for property in the capital has risen 13% since the turn of the year.

Demand for homes in east London has increased even faster, with eight of the top 10 property hotspots located in this area of this city.

East Ham (+26%), Woodford (+25%) and Upminster Bridge (+23%) all witnessed the largest increases in demand.

Fellow eastern locations including Upton Park, Barking, Barkingside, Walthamstow Central, and Stratford saw a rise in demand.

Outside of east London, Colliers Wood and Chesham were also featured in the top 10 both with demand up 22%.

Not all areas have seen success. Properties located near Chorley Wood have seen demand fall by 13% while Mill Hill East (-10%) and Northwood (-8%) have also decreased in popularity.

Priced out by properties closer to town, demand for homes in zone three have increased by 21% while for zone four it has grown 19%, the report said.

Russell Quirk, founder and CEO of leading online estate agent, eMoov.co.uk, commented: “Our research shows that the East London property market is on fire at the moment.

“From city brokers, trendy hipsters to commuting parents, the East offers up a variety of property for every type of homeowner. With great transport links via the jubilee and central Lines as well as the development of the Crossrail project, strength of demand in this areas should remain due to the improving transport infrastructure, as well as the affordability of property when compared to the rest of the capital.

“London continues to be the property investment Mecca with demand remaining high as people try to get a foot on the ladder, make a return on their investment, or even just secure a small piece of the capital to call their own.”

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