An Insider's Guide to Property Investment in Redbridge, London
Looking to invest in property in London? Redbridge should be on your list! In this guide, we’ll be taking an insider’s look at property investment in Redbridge. Over the past few decades, this East London borough has undergone incredible growth, making it one of the most desirable areas to live in. This has made it a prime location for property investors, with historical and current average property prices, rental yields, and projected population growth making it a smart investment.
GVA £5.6bn
Population 309,800
Property Growth 4.5%
Rental Growth 2.5%
Why Redbridge is a sought-after location to live
Redbridge is quickly emerging as an up-and-coming residential area just north of London, making it an ideal location for property investment. With excellent transport connections, direct trains to Liverpool Street station taking just 20 minutes, it offers convenience and easy access to the city centre.
North to south, the district comprises Woodford Wells, Hainault Estate, Woodford, Woodford Bridge, Barkingside, Snaresbrook, Wanstead, Newbury Park, Chadwell Heath, Seven Kings, Leytonstone, Aldersbrook, Cranbrook Park, Goodmayes, and Ilford.
One of the main attractions of Redbridge is the abundance of green spaces. From the sprawling beauty of Epping Forest to the tranquillity of Hainault Forest Country Park and Claybury Park, residents have plenty of options to connect with nature and enjoy outdoor activities.
The borough also boasts a diverse range of shops and restaurants, catering to a variety of tastes and preferences. Whether you're craving international cuisine or looking for unique boutiques, Redbridge has it all. In addition, the area has a thriving cultural scene, with numerous galleries, museums, and music venues, ensuring there's always something exciting happening.
Redbridge is particularly popular among families, thanks to its excellent schools, safe streets, and low crime rate. Parents can have peace of mind knowing that their children will receive a high-quality education and can explore the neighbourhood without any safety concerns.
Overall, Redbridge offers the perfect blend of convenience, green spaces, cultural experiences, and family-friendly amenities. It's no wonder why it's becoming such a sought-after location to live in.
Population growth in Redbridge - current and projected
The population of Redbridge has experienced significant growth in recent years, solidifying its status as a thriving borough. Between the last two censuses in 2011 and 2021, the population surpassed 310,000 residents. This impressive increase of 11.2% surpasses the growth rates of both London (7.7%) and England (6.6%).
In 2021, Redbridge had an average of 39.3 people per football pitch-sized area, compared to 35.3 in 2011. This highlights the borough's increasing popularity and the demand for housing in the area. Redbridge ranked among the top 10% most densely populated local authority areas in England during the last census.
This population growth trend demonstrates the appeal and desirability of Redbridge as a place to live. As more individuals and families choose to make Redbridge their home, the demand for housing and property investments continues to rise. Investing in property in Redbridge offers the potential for strong returns, especially considering that population growth in the borough outpaced the overall growth rate in London.
Looking ahead, the projected population growth in Redbridge is expected to continue, making it a promising investment opportunity. As the borough continues to attract residents, the demand for property is likely to increase, making Redbridge an excellent choice for property investment.
Historical and current average property prices in Redbridge
In January 2023, average house prices in Redbridge reached £488,376, showcasing the continued growth and desirability of the area. This marked a 0.2% increase from the previous month and a substantial 4.5% increase over the previous 12 months. What's even more impressive is that all types of housing in Redbridge experienced price increases, indicating a robust property market.
Comparing Redbridge to the UK average, which stood at £290,018 in January, it's clear that property prices in Redbridge are significantly higher. The average house price in January was £17,080 higher than it was a year earlier, illustrating the sustained growth and value of properties in the borough.
In January 2023, house price growth in Redbridge accelerated to 6.4%, further highlighting the strong investment potential in the area. Whether you're looking to buy a family home or invest in a buy-to-let property, Redbridge offers opportunities for growth and strong returns.
Upcoming investment and regeneration projects in Redbridge
Redbridge is set to undergo a transformation with a range of upcoming investment and regeneration projects. The local authority has an ambitious programme to regenerate Ilford town centre, which will bring about significant changes. This regeneration opportunity aims to deliver 6,000 new homes and create 3,000 new jobs by 2030.
As part of the regeneration, Ilford will see the development of a Cultural Quarter, featuring exciting venues like The Spark Ilford, SPACE studios, and Mercato Metropolitano. These cultural spaces will bring a vibrant and dynamic atmosphere to the area, offering opportunities for arts, entertainment, and culinary experiences.
Furthermore, plans are underway for a major housing development in Goodmayes, specifically targeting London commuters. With the council securing £6.9m in investment, this development aims to provide high-quality homes that meet the needs of the local workforce.
In addition, the council has received funding from the Mayor's Good Growth Fund for the creation of a hub for the creative and craft industries in Hainault Forest. The new 5,000 m2 facility, known as the 'Forge', will bridge the gap between traditional industries and emerging small and medium-sized enterprises (SMEs), creating opportunities for growth and innovation.
Council Leader Cllr Jas Athwal expressed excitement about the regeneration efforts, stating, "This is more fantastic news for Hainault. The forest is a magnificent urban oasis in our borough, and the funding from the Mayor is another huge boost in our efforts to rejuvenate a very special place." Deputy Mayor for Planning, Regeneration and Skills, Jules Pipe, also praised the project, saying, "The Forge project in Hainault is a great example of how the Mayor’s Good Growth Fund helps give Londoners greater access to green spaces."
These upcoming investment and regeneration projects in Redbridge highlight the borough's commitment to creating thriving communities and enhancing its appeal as an attractive location for property investment for now and into the future.
Rental yields in Redbridge
When it comes to rental yields, Redbridge has plenty to offer property investors. The average monthly rent across the borough is currently around £1,590, providing a steady stream of income for landlords. Let's take a closer look at the rental market in Redbridge.
For a one-bed property, the average rent is around £1,180 per month. If you're considering a two-bed property, you can expect to achieve an average rent of £1,700 per month. For a three-bed property, the average rent jumps to £1,950 per month, while a four-bed property can fetch around £2,700 per month. If you have a larger five-bed property, you could potentially achieve an average rent of £3,150 per month.
Of course, it's essential to note that achievable rents and rental prices can vary depending on the specific location and the type of property. It's always a good idea to consult with a local letting agent to get the most accurate and up-to-date information on rental yields in Redbridge.
According to data from Rightmove, the average yield for a long-let (6/12 months) property in Redbridge is around 3.5%. However, in some areas of the borough, investors can potentially achieve yields of up to 6%. This demonstrates the potential for strong returns on investment in the rental market in Redbridge.
In addition to long-term lets, short-term lets can also be a profitable option in Redbridge. The average nightly rate for a one-bed property is around £60, while a two-bed property can achieve £80 per night. For larger three-bed properties, nightly rates can go up to £140, depending on the location and the demand. Factors such as local events, like tournaments at Ilford Golf Club, can impact the rental rates, so it's essential to stay aware of these opportunities.
It's worth noting that the short-term let market in Redbridge is primarily focused on business commuters going into the city, with the largest workforce in the area being the NHS. With the right property and the right location, a serviced accommodation model can provide yields of up to 7%. It's no wonder that this model is growing in popularity among property investors within the Redbridge area.
Overview
Redbridge, London is a hidden gem for property investors. This thriving borough offers a winning combination of convenience, green spaces, cultural experiences, and family-friendly amenities. With excellent transport links to the city centre and an abundance of green spaces, Redbridge is becoming an increasingly sought-after location to live.
The population of Redbridge has experienced significant growth in recent years, outpacing the growth rates of both London and England as a whole. This population growth trend highlights the desirability of the area and the demand for housing. Investors can expect strong returns as the borough continues to attract residents.
Redbridge's property market is flourishing, with average house prices surpassing the UK average. The sustained growth and value of properties in the borough make it an attractive choice for property investment.
Exciting investment and regeneration projects are underway in Redbridge, promising even more opportunities for growth. The regeneration of the Ilford town centre and the development of a Cultural Quarter will bring new homes, jobs, and cultural venues to the area.
When it comes to rental yields, Redbridge offers attractive opportunities for investors. The rental market is thriving, with average rents providing a steady stream of income for landlords.
In summary, Redbridge is a promising location for property investment. Its growing population, strong property market, upcoming investment projects, and attractive rental yields make it a prime choice for investors looking for long-term growth.