In news that will come as no surprise to east Londoners, Walthamstow and surrounding areas have been named as the “hottest” markets for property sales across the capital.
According to new research by market analyst PropCast, 60 per cent of properties currently for sale in the competitive E17 postcode are already under offer or sold subject to contract.
Walthamstow has been a sellers market for a while, ever since an influx of people moved out from Hackney and Islington to the north-east neighbourhood looking for more space, and demand began to outstrip supply.
PropCast’s research also shows 54 per cent of London is now in a “hot” sellers market, with the capital becoming a sellers market overall in June for the first time since January.
Close behind Walthamstow is the E11 postcode just to the south which covers areas such as Leytonstone and Wanstead. Here, 57 per cent of properties for sale are under off or sold subject to contract.
East London areas such as Woodfood and Stratford also appear in the top ten hottest postcodes, all of which have more than half of all properties for sale already taken.
South-east London is also home to highly competitive sales areas, including Lewisham’s leafy neighbourhoods such as Forest Hill, Honor Oak and Crofton Park and the borough’s more affluent areas like East Dulwich.
Those looking to buy a house might have more luck targeting some of the capital’s less frenzied property markets in inner London. PropCast’s research also reveals the top ten “coldest” areas where buyers can find bargains even as mortgage rates soar.
Kings Cross in central London was one of the coldest markets with just 8 per cent of properties for sale already under offer or sold subject to contract, followed by the W1 postcode covering areas like Soho, Mayfair and Fitrovia (12 per cent).
Other “cold” markets include the City of London, Barnet and St Johns Wood.
Buying agent London Central Portfolio, pinpointed Bayswater, Notting Hill and Holland Park as top areas for first time buyers. Those looking for discounts should look at Pimlico, the company said, as flat prices are down 11.5 per cent from their peak.
The agent said: “These areas have seen growth in the last 12 months but not as much as other areas so there is more opportunity to grow. However, Notting Hill has nearly recovered from its 2015 peak so first-time buyers need to get in here early before the opportunity closes.”
Previous analysis by Propcast highlighted how London’s outer boroughs were booming in popularity. In March it found that the 10 hottest property markets across the capital last month were outside Zone 2, with buyers willing to accept longer commutes for countryside access and cheaper homes.
