East London boroughs lead the way in Portico’s ‘eight best places to buy property in London’
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East London boroughs lead the way in Portico’s ‘eight best places to buy property in London’
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
In Portico’s recent research for potential property hotspots in 2020, it listed eight key areas to consider.
The results show that East London has a lot to offer for property investors this year. Six of the top boroughs are located in this area, including Barking & Dagenham Newham, Tower Hamlets, Redbridge, Havering and Ilford.
Portico highlights that this region has seen a significant amount of regeneration, as well as becoming a sought-after location for homebuyers, investors and tenants. House prices, rental demand, and population are forecast to see extensive growth.
Affordable properties & lucrative rentals in Barking & Dagenham
- Barking & Dagenham has the most affordable average house price on Portico’s list, at £318,527.
- The average rental yield in the borough is the second highest on the list at an impressive 5.4%.
- Transport is appealing, with easy access to central London via the District Line and a new rail link also being constructed to further improve connectivity.
- Major investment and regeneration projects are also on their way, which are expected to boost house prices and population growth.
The most affordable places with average prices under £400,000
- Sutton is second on the list for most affordable, with the average property price of £387,286.
- It is located in Zone 5, within close proximity of central London, while being on the doorstep of the attractive Surrey countryside.
- Sutton is deemed to be an especially attractive place to live, as it has retained a village feel that can be hard to come by in Greater London.
- Havering is another borough worth considering, with an average property price of £392,031. Rental yields are also at a healthy 4.9%.
- Portico points out that Havering has become a hub for start-ups and expanding businesses.
The most lucrative rental yields
- With an average rental yield of 5.5% and average property price of £421,226, Ilford may catch your eye. Transformations are underway to make it into a top commuter location.
- Not far behind is Redbridge, with an average rental yield of 5%. This is a particular green area of London, with award-winning parks and a forest.
- Redbridge is also known for its schools, with 14 primary schools currently rated as Outstanding by OFSTED, Portico has researched.
- Rental yields are also looking good in Newham, at an average of 4.9%. The area has seen a significant amount of regeneration and growth since the 2012 Olympic Games.
