Till a few decades back, East London was a manufacturing hub since it was close to River Thames. But, the factories are fast becoming redundant and giving way to newer homes with modern amenities. One can easily purchase properties with all facilities at much lower price in East London than anywhere else in London.
The price of the property in the area is also increasing as the Crossrail (also known as Elizabeth line) is scheduled to be completed by 2019. The property price has been on an upward trend after the 2012 Olympics and after the announcement of the Elizabeth line. But, still, the price is much lower than other parts of London making it an excellent opportunity for investors.
Easy Transportation Link
One of the biggest problems that investors felt about investment properties in East London was the long commute time to central London. But, today that has changed dramatically. The Ilford Station can efficiently get you into London Liverpool Street in about 17 minutes. Once the Elizabeth line is up and running, people can reach Canary Wharf in 17 minutes, Paddington in about 27 minutes and Heathrow Airport within an hour. The time required to reach Central London from East London is much less than commute times from other parts of London.
Investment by Builders
With more investors looking for affordable housing, builders are heavily investing in the area and building large luxurious apartments and condos that are expected to be sold out by the end of 2018. People have a chance to live in their dream homes without having to burn a hole in their pockets by investing in properties in East London.
With more people looking to buy or rent properties at low prices without having to compromise on being away from the city’s prime locations and the major employment hub, there is no doubt that East London properties are going to be their top choice. The prediction for the property rates in East London to grow by 25.7% in the next five years will further fuel the demand.