London news 7 London areas top estate agents say are next hot property areas Uk news
PremierLeague-News.Com - The East London corridor is one to watch on the property market, Savills estate agents say
PremierLeague-News.Com - Breaking Sport Transfer News ! Sign up to FREE email alerts from our Property Market newsletterInvalid EmailSomething went wrong, please try again later.SubscribeWhen you subscribe we will use the information you provide to send you these newsletters. Your information will be used in accordance with ourPrivacy Notice.Thank you for subscribingWe have more newslettersShow meSee ourprivacy noticeThe London property market has seen some distinct changes recently, with the pandemic driving many out of the city to leafier suburbs where they can get bigger, more peaceful homes for the same money as their inner London properties. This property market shift is set to continue in the coming years, according to new research from leading estate agent Savills, particularly as the Help to Buy scheme draws to a close in 2023. Help to Buy is a scheme which includes equity loans, shared ownership opportunities and an ISA savings account in which government will top up savings by 25 per cent when first time buyers get their first home. Already, new Help to Buy ISAs cannot be opened (though buyers can claim the bonus until 2030), and equity loans will only be available until 2023. Top estate agents at Savills say that the East London corridor, comprising of the seven London boroughs of Waltham Forest, Havering, Redbridge, Hackney, Tower Hamlets, Newham and Barking and Dagenham, is set to see "robust levels of housing demand" when the Help to Buy scheme ends, due to the affordability and quality of life possible in the boroughs. This heatmap shows where the average first time buyer can afford to buy a home in London, based on Savills' research (Image: Savills) Affordable housing This demand is likely because six of these seven local authorities have a lower average house price than London as a whole, and the median property price of homes in the East London corridor is a huge 14 per cent lower than the rest of London. Savills predicts that this means buyers who can no longer rely on government support to buy centrally-located homes will look to these more affordable areas instead. Get London's biggest stories straight in your inbox MyLondon’s brilliant new newsletter The 12 is packed with news, views, features and opinion from across the city. Every day we’ll send you a free email at around 12pm with 12 stories to keep you entertained, informed and uplifted. It’s the perfect lunchtime read. The MyLondon team tells London stories for Londoners. Our 45 journalists cover all the news you need - from City Hall to your local streets. Never miss a moment by signing up to The 12 newsletter here. According to the Ministry of Housing, Communities and Local Government, the median income for a first time buyer household in London, using Help to Buy, is £64,000.
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. This is down from £526,000 with Help to Buy. The East London corridor offers affordable housing in fantastic areas, with great local businesses, plenty to do, excellent transport links and a strong community feel - which is why Savills predicts their popularity will soar in the coming years.
Tower Hamlets is home to beautiful green space at Victoria Park, and more suburban East London corridor boroughs offer serenity a stone's throw from the captial's centre
(Image: Stevekeiretsu/Wikimedia Commons)
Are you considering moving to one of these boroughs? Tell us in the comments here. Brilliant locations East Londoners will be well aware of the benefits of living in any of the seven boroughs Savills has identified. They're well-connected to Central London, offer connections to beautiful green spaces, are rich in East End history and have plenty of things to do for locals. Small businesses are often at the heart of these East London boroughs, and a great sense of community offers support to residents from all walks of life. On top of these traditional positives, these boroughs are experiencing a lot of investment into their future growth. Find out about property in your area with this handy widget.
Savills explained that public and private sector investment means more employment opportunities, upgraded transport infrastructure and improved local amenities. East London corridor boroughs are also seeing creative and digital industries leading the way. The East Bank at the Queen Elizabeth Olympic Park in Stratford, one of the 'world's largest and most ambitious culture and education districts', is forecasted to create more than 2,500 jobs. The East Bank will be home to departments of the BBC, Sadler's Wells Theatre and the V&A, as well as UAL’s London College of Fashion.
CGI model of the new East Bank development at the Queen Elizabeth Olympic Park, Stratford
(Image: Publicity Picture)
The Dagenham Film Studios is set to be the biggest film studio in London, creating over 1,200 jobs and adding £35m per year to the local economy. Ilford town centre, Romford town centre, Barking Riverside and Dagenham Dock have also been identified by Savills as places that could see dramatic regeneration in the coming years, revitalising the areas for residents. Bronwyn Jones, Savills London Development Consultancy, said: "2020 has increased the emphasis on local amenities and community, with careful consideration of these factors crucial for successful development.
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