Average Redbridge house price nearly £30k higher than last year

In April 2021, the average cost of a house in the borough was £448,806, up 6.9 per cent on the previous April, according to the Office for National Statistics (ONS).

Having seen declining prices between April and June 2020, the borough’s housing market grew in the autumn and winter, with average prices peaking at a record £456,078 in February.

A subsequent decline in March and April ended five consecutive months of growth in the market.

The top five average house prices in the borough since records began in 1995 have all been in the five months from last December to April this year.

While average prices are higher in Tower Hamlets, Redbridge experienced a larger year-on-year average price increase than its neighbouring boroughs, up £28,907.

In 2019, research by Halifax put Redbridge in fourth position across the UK for the biggest 20 year rise in house prices.

Bhupinder Singh, sales negotiator at Haart Estate Agents, said that there were a number of factors contributing to the area’s housing price growth.

He said: “Ilford in general is an upcoming area, it has got many attractions.

“You have got Valentines Park, good amenities, Ilford Lane, shopping centres, Crossrail coming.”

He said that the ability to get to Heathrow with one train was very attractive to buyers, adding that the stamp duty holiday had helped the housing market in general.

In the UK, the typical property value fell by £5,000 to £251,000 in April, ending 11 months of consecutive growth, after also reaching a record high in March.

ONS head of economic statistics Sam Beckett said: "March's figure was probably inflated as buyers rushed to complete purchases because the tax breaks on housing transactions were initially due to conclude at the end of March.

"House prices continued to increase when compared with last year, with London once again showing the lowest annual growth, with the slowing of prices most apparent within inner London boroughs."