The London real estate market is changing quickly. In east London, homes are selling faster than ever. Lots of people want to buy homes in areas like South Woodford, Stratford, and Walthamstow, and they often sell in days or even hours. These parts of London, mostly in east and northeast, have become the “hottest” places to buy because buyer demand is much higher there than in the city’s center.
A huge 63% of the homes on the market in South Woodford are already under offer. This makes it the most competitive area in London for buyers. A lot of these homes are selling for more than what they were listed for because people are so eager to get them. In the same way, 61% of homes in Walthamstow are already under contract, and they are bought up just as quickly. In these places, the average price is between £475,464 in Stratford and £625,935 in South Woodford.
At the same time, there is less demand in central London areas like Covent Garden and Mayfair. Not many homes in these areas are being offered for sale—only about 10% of them. People may not be buying in these central spots because of the high prices and recent worries about taxes.
East London is becoming more and more popular. Since the 2012 Olympics, areas like Hackney and Stratford have changed a lot. Young families and professionals are both drawn to places with low prices, lots of green spaces, and better amenities. People who want more space and a quieter life but still want to be close to the city will really like neighborhoods like Chingford and Enfield.
A real estate company called Savills says that house prices in London will rise more slowly than in the rest of the UK. However, outer east London might be an exception to this rule. David Fell, an analyst at Hamptons, thinks that even though central London is having a hard time, the outer boroughs could still grow as more buyers look for cheaper homes there.
East London is still the best place to buy in the city for now. It’s clear that London’s real estate market is moving east because homes are selling at record speeds and there is a lot of demand.