Well-off property buyers who would have previously only considered living in Zones 1 and 2 are now keen to buy property in east London. These top earners (who typically work in senior managerial roles or hold positions as directors) are learning to appreciate the benefits of living in east London’s newest property hotspots.
As the cost of living begins to bite, moving east is an increasingly attractive proposition for central London homeowners struggling with eye-watering mortgages.
But is price the only motivation for homebuyers to move to boroughs such as Redbridge and Havering? Here we look at some of the reasons why high-earning professionals are searching for east London properties.
Is it just about east London property prices?
Rightmove statistics show a significant difference between average house prices in east London and those in more central areas. For example, semi-detached properties in Ilford sell for an average of £568,747, while terrace houses cost an average of £494,846. Compared with averages of £2,348,438 (semi) and £1,565,276 (terrace) in a Zone 2 area like Clapham Common, it’s easy to see why buyers seeking better value are heading eastwards.
Estate agents in Ilford, east London, know there’s simply no contest between the cost of properties within Zones 1 and 2 and east London house prices. But for many high earners, it’s not just about a less burdensome mortgage. The decision to buy a house in east London is often based on the desire for a better quality of life.
How many high earners are buying in east London?
Over the decade leading up to the 2021 census, the number of high earners looking to move to east London increased by over 30 per cent.
| Area | Percentage of high-earning occupations | 10-year growth in high-earning occupations | Average house price | 10-year growth in house prices |
|---|---|---|---|---|
| Dartford | 33% | 34% | £364,825 | 75% |
| Bexley | 32% | 34% | £419,667 | 84% |
| Newham | 30% | 34% | £439,744 | 103% |
| Havering | 35% | 33% | £453,703 | 84% |
| Waltham Forest | 35% | 33% | £530,210 | 112% |
Source: Standard.co.uk
Savvy professionals looking for houses to buy in east London appreciate that these properties offer plenty of living space. In fact, when compared with pricier parts of the capital, buyers can expect around three times more space for their money.
Most houses are located close to shops and within the catchment of excellent schools. Residents can also enjoy an array of local parks and open green spaces, including the award-winning Valentine’s Park.
Best of all, the new Elizabeth Line – opened under the Crossrail project – has slashed journey times to key destinations in and around London. Ilford residents can now reach Liverpool Street Station in just 20 minutes, or Heathrow in around 48 minutes.
A fast-growing cultural scene
The coming of Crossrail has already contributed much to the cultural mix in the area, with the creation of 35 studios for artists, creative businesses and makers in Ilford Town Hall.
Cafe culture thrives in Ilford, with newcomers such as Perky Blenders and Urban Chocolatiers rubbing shoulders with established high street favourites such as Costa and Starbucks.
With a fast-growing list of local cultural amenities and rapid travel to Stratford’s busy retail and leisure hub, local residents can enjoy a great lifestyle: all within a short commute of central London.
If you are selling locally or looking for properties to buy in east London, we would love to help.
Give us a call at 0203 972 7341 or email info@oaklandestates.co.uk.
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