House prices across Redbridge have been rising twice as fast as the rest of London over the last year.

London house prices fell on average yesterday for the first time since the 2008 recession, but Redbridge bucked the trend.

According to housing statistics from the Land Registry Office, reported by the Evening Standard, house prices in Redbridge rose £35,000 on average between 2017 and 2018.

The average house price in Redbridge in February 2017 was £405,705. By February 2018, that figure had risen to £441,869.

The average Redbridge house now costs just under £442,000 to buy. This represents an 8.9 per cent increase in just one year.

Other London boroughs saw house prices drop for the first time since the 2008 recession, by an average of £5,000.

The development of Crossrail and the Elizabeth line into Redbridge, as well as good existing transport links on the Central Line, means the area is becoming more popular.

Crossrail is due to open at the end of 2018.

Wanstead Village is proving particularly popular. The Times and the Metro published extended pieces about the area last month.

Kenny Goad, from Stow Brothers estate agents, said: “It has been busy, prices feel like they’re edging. There is a shortage of family housing in Wanstead. Flats and purpose-built flats haven’t had a price rise, I don’t think.

“Wanstead High Street is getting more relevant, all of a sudden. It’s appealing to people coming from Hampstead, St John’s Wood. We’re more on the radar now.

“The shops and schools have always been great. But the area is feeling more like London now than Essex and more London-centric buyers are prepared to come here now. A lot more so than before.”

A limited housing stock could be blamed for the increase in house prices across the borough.

A Redbridge Council spokesman said: “The council will seek to maximise the provision of affordable housing from all sources in the borough.

“It adopted a new Local Plan last month which sets out plans and policies to deliver over 17,000 new homes in the borough by 2030.

“This policy will increase the level of affordable housing sought on new housing schemes and make a larger contribution to addressing affordable need in the borough.

“In addition the council has adopted some innovative approaches to boost housing supply including affordable housing.

“These include establishing its wholly owned development company “Redbridge Living” to build new housing in the borough.

“The council will also consider a variety of funding and design solutions such as use of grant, housing association’s own funding and innovative funding models to increase the overall number of affordable homes.”