Spotlight on Havering
On the eastern fringes of Greater London,
Havering is soon to benefit from three new Crossrail stations. Property prices may be rising fast but there's still great value to be found here. With the population set to increase through its two designated new housing zones, this borough could be a wise place to make your next property investment.
Second most affordable borough for first-time buyers According to recent Land Registry data, Havering is one of the cheapest places in the Capital to get on the housing ladder. Second only to Barking & Dagenham, the average cost for first-time buyers was just £281,836, compared to the London average of £462,602.[1] This explains why Havering has become London's Help to Buy hotspot, with more completions made under the scheme here than in any other borough.[2]
Crossrail driving Capital's biggest annual increase in house price growth A winning combination of low prices and the imminent arrival of Crossrail's Elizabeth Line have seen buyers flock to Havering in record numbers. One of only four boroughs where the average price of all homes is under £400,000, rising demand has seen prices soar by £40,000 over the last 12 months – the biggest price hike in the Capital.[3] In a report by Emoov, the average value of homes in Havering increased by 12.42% from December 2015 to December 2016 – the fourth highest growth rate in the Capital.[4] This sharp rise is being fuelled by Havering's three Elizabeth line stations: Romford, GideaPark and Harold Wood. When trains start running later this year, prices are expected to rise further.
Excellent transport connections Train journeys to
Liverpool Street take 25 minutes from Romford and 35 minutes from Upminster. The District line of the London Underground runs roughly east–west through the middle of the borough, with journeys to the City taking 35 minutes.[5] When the Elizabeth line opens in May 2017, journeys to
Canary Wharf will be 25% quicker, dropping from 37 minutes to 27 minutes.[6]
Developing Romford's potential To maximise the opportunities that the Elizabeth line will bring, the Mayor of London has recently designated Romford as a housing zone.This will help the council to speed up delivery of new homes on brownfield land in
Romford town centre.[7] Havering Council is now looking for investors and developers to help them deliver 3,300 new homes under a massive £1bn housing regeneration scheme.[8] Kick-starting the town centre's regeneration is a new ice-skating and swimming leisure complex in Western Road, set to open in spring 2018.
Fantastic retail and leisure in Romford Despite competition from the nearby shopping centres of Lakeside, Bluewater and Westfield in
Stratford, Romford is still the fourth largest retail centre in London. Spread over four different shopping areas – the Liberty, Mercury Mall, The Brewery and Romford Shopping Hall – it attracts more than 25 million visitors a year. Romford Market is one of the largest and renowned markets in the South East. Dating back to 1247, it continues to thrive and is set to get a makeover with plans for a new Market House, wireless connectivity and restaurants. Romford also has a thriving night-time economy, with 15,000 people pouring into its bars, restaurants and clubs at weekends.[9]
A vast new neighbourhood planned for Rainham In the south of the borough, Havering's second new housing zone forms part of the vast London Riverside Opportunity Area. The council plans to build at least 3,400 new homes in Rainham over the next ten years – along with a new school, new health care and leisure facilities. To support the project, there are also plans for a brand new rail station to be built at Beam Park on the C2C line between Rainham and Dagenham Dock.[10]
A green and tranquil place to live One of the most sparsely populated boroughs, more than half of Havering lies in London's protected green belt. It boasts three country parks, including Havering Country Park, a favourite riding and hot-air ballooning location, Hornchurch Country Park which is excellent for birdwatchers, and Bedfords Park that is famous for its deer.
Current asking prices and rental yields As of February 2017, the average value of properties in the London borough of Havering is £360,274. It has increased 4.77% in the last 12 months and 49.11% in the last five years. For a
two-bedroom apartment, the average asking price is £270,206 and the average asking rent is £1,164pcm, which means the gross rental yield is currently 5.20%.[11]
This content is correct as of February 2017
