The London Borough of Redbridge is in the midst of major regeneration and although this East London location is known as one of the capital's most affordable, this could all change in the next couple of years, particularly as the effect of Crossrail begins to take hold.
In case you're not up to speed, Crossrail is a high frequency, high capacity transport infrastructure designed for London and the South East. The line plans to run from Stratford to Shenfield, with the rail service set to run through several Redbridge locations.
Crossrail, which is 70% completed, will have stops at Ilford, Seven Kings, Goodmayes and Chadwell Heath; all located within Redbridge, and locations in which we operate here at Sandra Davidson.
Therefore, if you are considering becoming a landlord, we advise in investing in Redbridge sooner rather than later to avoid burgeoning house prices.
Moreover, getting the initial transaction done and dusted before April will be beneficial to your bank balance as you'll dodge the impending stamp duty charges which will hit buy-to-let investors.
Furthermore, letting your property in areas which will be directly impacted by Crossrail could certainly earn you a pretty penny in the future, with demand set to increase as a wider and more varied pool of tenants will be attracted to the benefits Crossrail has to offer.
Families have always been drawn to rent in locations within the Redbridge borough thanks to lots of open spaces and brilliant schools, but the implementation of Crossrail will appeal to other renting demographics, too.
Young professionals will want to live close to one of the nearby Crossrail stations as rents are likely to be much cheaper here than in Central London locations.
For example, once Crossrail starts, getting from Goodmayes to Bond Street will take just 29 minutes, and Heathrow will be accessible in 57 minutes.
This is great for both those who partake into the daily commute and local residents who need to travel abroad.
Not only will the introduction of Crossrail attract more tenants and boost the property market, but it could also serve as a catalyst for the regeneration of the surrounding areas.
Currently the average rental price in Redbridge stands at around £1,287pcm. This is just above the average national figure, and is likely to increase the closer a property is located to a Crossrail station.
The local authority, like many landlords in Redbridge, has grasped the potential of Crossrail, and has consequently invested £5 million in transforming the stations’ surroundings – making life easier for pedestrians, improving town centres, and building more affordable homes.
Businesses, too, are flourishing in the area, with 6,500 new businesses being formed in the borough in the last year, according to statistics from inform Direct. This is more than in nearby Newham, Kensington and Chelsea and Islington.
In Seven Kings alone, 499 new businesses were formed, providing more jobs opportunities for its residents.
Here at Sandra Davidson – an estate and letting agent operating all over Redbridge – we have already felt the impact that Crossrail has had on the area, and how it has triggered a surge in tenant demand; music to the ears of landlords.
We’re here to offer advice to potential landlords who are looking to invest in the area, so get in touch with the team of property experts here today!
Alternatively, we also offer completely free online valuations for landlords to discover how much rent their property could generate each month.