'Up to 50 buyers for each property in Waltham Forest' (From East London and West Essex Guardian Series)
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'Up to 50 buyers for each property in Waltham Forest'
The housing market in Waltham Forest is increasingly bouyant, with up to 50 buyers for every property, according to one estate agent.
Staistics released today by Nationwide show UK house prices have increased by their fastest annual rate in over three years, with prices rising by 5.8% year-on-year.
Property prices in October increased by 1 per cent, making it sixth months in a row of price increases.
Waltham Forest appears to be benefiting as London and the south-east continue to be the focus of a new property boom.
Estate agents say they are experiencing increased demand for properties, but some are faced with a lack of supply.
The rental market is said to be strong in some areas, but there is a general consensus among agents that more people are looking to buy, with houses snapped up within 48 hours of going on the market.
Gary Butler, director of Trading Places in Church Lane, Leytonstone, said he is seeing less of a divide between north and south of Leytonstone and an overall influx of interested buyers from neighbouring areas.
“There are a ridiculous number of people looking to buy compared to the available housing stock. Supply and demand is so imbalanced. The number of people releasing their properties is quite low in the area," he said.
“We are currently seeing an influx of people from north London postcodes that can’t afford to buy in their area who are targeting Leytonstone and surrounding areas because we have a similar style of housing properties".
“Depending on type of houses, there is between 20 to 50 interested buyers looking at one property."
The most sought-after properties remain in upper Leytonstone, in areas such as Bushwood.
However, Trading Places is said to be seeing a growing number of people interested in buying properties south of the railway bridge in Leytonstone High Road, which has been traditionally less desirable.
“Historically, there was always a north and south divide in Leytonstone, but this is changing. The whole area is improving and becoming of interest in terms of buying," Mr Butler added.
The company says it is still seeing high demand in the rental market.
“Steady landlords are achieving higher rents than ever before and there continues to be a massive rental market, but tenancy renewals are now lower than previously before,” Mr Butler said.
The average house price for a three-bedroom property in Leytonstone is estimated at £400,000.
Estate agents say they are experiencing an influx of potential buyers from other parts of east and north London.
Mr Butler said: “I feel sorry for people trying to buy at this particular time. There aren’t sufficient properties in Leytonstone to replace the ones we sell. It can be a letdown and a huge disappointment because we are unable to meet everybody’s demands.”
Prices in Walthamstow are said to be increasing by up to 40 per cent in the last eight months, despite a relatively high number of homes available.
Tony Game, of Estates 17 in Walthamstow, said: “The average house price of a three-bedroom property in Walthamstow is £550,000 to £700,000, and we’ve seen a 30 to 40% increase in house values in the last six to eight months.
“We are seeing people who are moving to Walthamstow from places all over London, like Stoke Newington, Crouch End and Hackney.
“At the moment business is really good and we do have a lot of houses currently on the market, unlike some other areas in the borough”
Mr Green believes Walthamstow is desirable to buyers across London as, despite price rises, it still offers good value for money.
He also thinks people’s attitudes to the area have changed significantly in recent years.
“I think people in the past have been ignorant to Walthamstow because it is in east London but they now realise the area has so much to offer with great transport links, and a distinguished high streets and markets,” he added.
W.J.Meade, based in Highams Park, covers Chingford, Highams Park, Woodford Green, Loughton and other parts of Waltham Forest.
Co-owner Mike Breen said house prices in the area have risen significantly over the past few months.
“We’ve seen an upturn recently with more people registering as potential buyers. The demand is currently outstripping supply, and local prices have risen over the past 3 to 4 months," he added.
“We are hoping as agents that the help-to-buy scheme will allow some vendors who haven’t got enough equity at the moment, to make use of the scheme and get their property on the market.
“We are seeing a big demand across all six of our branches. First-time buyers that stayed out of the market for a good few years have saved up their deposits and now they are actively looking to buy”
Mr Breen also said properties are selling within 48 hours, with fierce competition among up to 30 buyers.
The new housing development at Tesco’s megastore in Highams Park is helping first-time buyers enter the property market, according to Sophie Howard, sales negotiator at the Hetherington’s branch in north Chingford.
She said: “It’s very competitive. We are seeing more young buyers, especially with the new-build behind Tesco’s in Highams Park and with the government’s help-to-buy scheme”.
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