Once again our spotlight feature returns, this time Amilli Property shifts its focus onto Plaistow, a rapidly developing area in the East London borough of Newham.
The lowdown
Plaistow is somewhat of an enigma. Even those who are born-and-bred in London struggle to identify where Plaistow is, and few have even heard of the area. But all this is all set to change.
This E13 postcode resides in the north-eastern fringes of the capital and is only a twenty minute commute away from the capital, with West Ham and Stratford as neighbours.
Since the 2012 London Olympics, Stratford has experienced stratospheric growth, leaving nearby areas such as Plaistow in its shadows. However, Plaistow, an area comprised of a healthy mix or urban and residential areas, is set for major regeneration works to really put it on the map.
The rental market
Plaistow provides the perfect opportunity for investors as it is home to one of the capital's most untouched markets. Locations such as Walthamstow and Stratford have already witnessed massive growth in property prices in recent years and might now be regarded as unobtainable for some investors, but Plaistow is a pocket in the market which is on the brink of huge growth.
Handsome rents can be found in the area, with the average market rent standing at £933 pcm, and many are already capitalising on the potential for high-yielding rental properties. Redevelopment is occurring at the former Plaistow hospital in the town in Samson Street, which will soon contain around 30 shared-ownership homes, starting at a reasonable £115,000 for a 50% share in a one-bedroom flat. This development is likely to kick-start the regeneration in the area, transforming an area which has been vacant since 2007, creating a cluster of high-quality buildings in the area.
This regeneration looks set to attract an influx of new renters to the area. Plaistow would be a particularly attractive location for young professionals who are looking to live and work within commutable distance to the capital as Plaistow has great links to both the capital and Canary Wharf, and this is set to further improve with the introduction of Crossrail.
The sales market
Local authorities are slowly starting to see the potential of Newham as a borough, with particular focus on Plaistow to attract new buyers to the area. So far, a massive £2 billion has been invested into the borough, one of many reasons to consider investing in Plaistow.
If you’re considering purchasing property here, it would be a wise move to think about investing sooner rather than later. In the last year alone, prices have rocketed 8% to an average property price of £314,000, a figure which is still remarkably reasonable for an area so closely connected to the bright lights on London. Plaistow is also an area perfect for young families, as the area has some of the best schools around. Over half a dozen schools in the area have been named as ‘Outstanding’ by Ofsted and the area also has tonnes of leafy areas such as Plaistow Park to spread your wings.
The future
Plaistow has it all for potential landlords and investors, an area on the up, with bags full of regeneration projects in the pipeline. The introduction of the Crossrail in the near distant future will only connect the area more intimately to the capital.
However, the only thing Plaistow is missing at present is a buzzing social scene, but like other recently developed areas such as Walthamstow and Hackney before it, the redevelopment of housing and residential areas come first, and the creation of local amenities will follow.
Ultimately, nearby locations such as Stratford and other east London locations are becoming too unaffordable for those considering investing in London, so the hot-spot location naturally has to shift. Plaistow is more than happy to take the crown of the new East London it-town – and we’ll sure it will wear it well.
If you would like additional information about how to manage a successful buy-to-let portfolio, please get in touch with the team of specialist landlords at Amilli Property today on 0203 189 1925. Alternatively, to find out what your rental property could be worth in the current housing market, check our free online valuation tool.
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