Are house prices in Forest Gate East London going to recover over the next 3 years?
Asked on Jun 30 2011,
House Prices in London |
Personally I would say yes, but no one can predict the future.
Answered on Jul 1 2011,
I have always thought that Forest Gate has been undervalued; it offers a good combination of mature Edwardian housing stock, proximity to green spaces, good transport links (particularly Stratford) and friendly community. However, it has acquired a reputation for deprivation, crime, above average unemployment rates and general lack of investment. All this may change over the next few years. Firstly, the Olympics will bring much needed investment and revitalisation into the area. Secondly, the new Westfield shopping centre is one of the largest developments of its kind in Europe. Thirdly, the Crossrail line and further extension of Stratford International station will enhance Stratford's reputation as a major transport hub. Forest Gate's proximity to this new infrastructure and development can only help to improve the reputation and viability of East London in general and Forest Gate in particular.
As with any property investment, Forest Gate will not be immune to the overall market trends; a rapid rise in interest rates, further tightening in lending criteria or decline in the UK economy could have a detrimental affect on the entire property market. However, due to the huge investment in the Stratford area, Forest Gate is likely to weather the storm considerably better than other areas and when the upturn arrives is poised to perform above trend for the foreseeable future.
Answered on Jul 4 2011,
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