Four years on from the Olympic games, JLL is forecasting demand for Stratford, E20, to continue to drive house price growth above the London average.
The agent said it expects price to rise by a further 30% over the next five years, compared to 24% in Greater London, and just 9% in central London.
“The rapid house price growth across London is encouraging people to look differently at areas they may have previously overlooked,” said Neil Chegwidden, residential research director at JLL.
“As such, east London, and particularly Stratford, will likely outperform the rest of London in the medium-term, with house price growth of 30% forecast between 2016 and 2020.”
New-build house prices increased by over 6% in Stratford in the 12 months to Q3 2015, compared with 1.5% for the whole of central London.
According to JLL, initial exploration by renters looking for cheaper locations to live have been key to growth. “Rental markets have been key to the success of Stratford; renters have always been more open minded in exploring new areas and around a third of Stratford households are renters, compared to the London-wide average of 25%,” said Chegwidden.
“This is largely due to the new, high-quality public realm on offer. Rents have increased by around 6% over the past year and are set to rise by 28% between 2016 and 2020.”
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