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House prices in Waltham Forest tipped to rise more than anywhere else in London
Average house prices in Waltham Forest are set to almost double in the next ten years, according to new research.
The study by the National Housing Federation found the borough will see the highest rise in the value of homes in London (85 per cent).
It also concluded that the cost of properties for first time buyers will also increase by the biggest margin (75 per cent).
This would take the average price for a house in Waltham Forest up to £500,000, but the report warns young people looking to get on the property ladder could be pushed out of the borough.
Estate agents believe the rise in demand will see people moving into areas in the borough where properties are traditionally cheaper.
This includes south Chingford, where house prices are lower than the affluent north.
Stephen Giltnane, branch manager of Kings Group in Chingford, said he is already seeing “panic buying” in the area, with houses being sold within a few days of going on the market.
“Everything that comes in for let there’s five, six or even 10 people who want to take it,” he said.
“It’s a crazy situation at the minute. There were 18 viewings at an open house last week.
“In effect, people are almost panic buying because they don’t want to be left off the property ladder.”
He added that some clients are looking in south Chingford when they realise they are priced-out of other areas.
Lewis Hall, of Hetheringtons estate agents in Chingford, agreed that properties in south Chingford can represent better value for money than nearby areas.
“Possibly young people would be forced to look outside (inner) London,” he said.
“It’s certainly a very good market over here.”
The research calculated price rises by using a model which compares a number of factors, including trends in employment and relative earnings.
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