The 2020/21 pandemic race for space outside of London is no secret, but while there will always be people who move to suburbia, there will always be the pull of East London in all its cultural, diverse, exciting, commutable glory, too. In fact, in the
first half of 2022, 30% of London rental properties went to people who were previously living outside of the city[i].
Why East London?
East London is made up of seven boroughs, each with its own distinct centres:
- Barking and Dagenham – Barking and Chadwell Heath
- Hackney – Dalston, Shoreditch and Stoke Newington
- Havering – Romford and Upminster
- Newham – Stratford, Woolwich, and Canning Town
- Redbridge – Wanstead and Hainault
- Tower Hamlets – Canary Wharf, Bethnal Green, Whitechapel and Spitalfields
- Waltham Forest – Walthamstow, Chingford, and Leytonstone
Each with its own personality and prospects, here are seven reasons to invest in the new East London houses and flats for sale across its boroughs.
- Slow-rising prices in the short term
In good news for investors in residential East London property, the 2021/2022 Stamp Duty holiday meant a lot of people looked to buy, but many didn’t find the right property and therefore didn’t put their properties on the market either. As the holiday ended and Omicron cases settled, the uptick in supply meant a smaller price increase than was perhaps expected, making now a good time to browse houses and flats for sale in East London.
- Strong price predictions in the longer term
Overseas investors travelling again. Professionals returning to the office. First-time buyers wanting the job opportunities, social prospects, and unrivalled cultural diversity that London can offer… All these things mean London property prices will likely always be higher than those outside the capital.
However, property prices also tend to increase at a faster rate in the longer term compared to the rest of the UK, making for potentially excellent investments for both residential buyers and buy-to-let investors. This is particularly true of houses and flats to buy in East London, an area that offers both its own set of reasons to invest and is a short commute into Central London for the best of two worlds.
With people flocking back to London for lifestyle reasons[ii] – a lot of people missed London’s attractions while the capital was shut down as part of COVID-19 restrictions – not just because they’re being brought back to the office, East London presents an exciting opportunity for residential buyers and investors.
- East London offers a lot within its borders, and is an easy commute to Central London
Packed with restaurants, bars, shops, and sports facilities, East London has everything within its boroughs’ boundaries, but also boasts transport links that make it easy and quick to commute or travel into Central London.
From the Olympic Park, nearby Hackney Marshes, and 11 Michelin star restaurants[1], to huge London landmarks like the Tower of London and the O2 Arena, more than 14 rooftop bars, luxury shops and a plethora of vintage stores, East London has so much on offer for every interest.
Depending where in East London you decide to buy, the commute to London Bridge is around 20-45 minutes on the London Underground.
- East London is home to finance, banking, and tech
The famous towers of Canary Wharf in East London house some of the world’s biggest banks, financial institutions and tech companies, making it a great place for professionals to buy and rent. A community has sprung up around these impressive office buildings, with river boat rides, roof top bars, crazy golf, green spaces, and much more.
- East London boasts new builds in locations packed with history
With demand for outdoor space and layouts and facilities conducive to flexible working at an all-time high, East London new build flats and houses in East London are an exciting option for residential buyers and investors.
From flats with boardwalk access, balcony gardens, and views of the Thames, to new build developments with penthouse apartments, private spa and gym facilities, and houses with generous gardens, the choice of property types is as varied as the area’s cultural heritage.
The ports of East London have made the area a melting pot of cultures and skills, making it the home of rapid industrialisation during the Victorian era and influencing the architecture and atmosphere you see there today.
- Good rental demand
Buying a house or flat in East London for rental purposes is a smart move, with the area home to four universities - Queen Mary University of London, the University of East London (UEL), UCL East, and London South Bank University (LSBU). And to three major hospitals – the Royal London Hospital, King George Hospital, and Queen’s Hospital. Students, medical professionals, and city workers all buoy the rental market in East London.
- Barking and Dagenham is significantly cheaper than Central London
With average house prices in Barking and Dagenham sitting at just over £300,000, compared to £677,110[iii] across all boroughs, it’s an attractive prospect for investors and residential buyers looking for somewhere commutable and in the throes of massive regeneration. It’s around 15 minutes by train from Barking to Fenchurch Street, making the commute for work or pleasure an easy one.
There’s a huge variety of flats and houses to buy in East London, from new builds in Barking, to penthouse apartments and buy-to-let properties near Canary Wharf. Browse the JLL Residential East London portfolio and get in touch for help narrowing your search.
[1] https://london.eater.com/maps/michelin-star-restaurants-london
