The planned arrival of the hotly-anticipated rail development is already working wonders for this outer-city town, with growth in the local property market already exceeding expectations.
Located in North East London and a stone’s throw away from the Essex border, Ilford is fast becoming a home-away-from-home for central Londoners looking to escape intense city life. Its well-considered transport links also make it the perfect base for commuters, and its accessibility is only set to grow in the next three years as the new Crossrail network nears completion in 2018.
What does Crossrail mean for Ilford?
The positive impact of the Crossrail project on Ilford is two-fold.
Firstly, the population will soon be able to take advantage of much shorter journey times to a wider range of inner-city destinations. Commuters in Ilford can currently reach London Liverpool Street station within just 17 minutes, but Crossrail will increase service frequency to 12 trains per hour on this route whilst also introducing new direct paths to other key employment hubs such as Canary Wharf, Tottenham Court Road and, for those who favour fast international travel, Heathrow Airport.
Secondly, the introduction of the Crossrail link has instigated a huge amount of regeneration work that will greatly improve the town’s facilities and infrastructure. These new offerings are already attracting new residents – and, therefore, investors – to the area.
The unique appeal of Ilford
There are plenty of places that are benefiting from the so-called ‘Crossrail effect’, but, from the investor’s perspective, what really sets Ilford apart from other South East towns?
Largely, Ilford is known as one of the capital’s most cosmopolitan and culturally diverse regions. The sense of community here is strong and there’s plenty of green space in amongst the suburban sprawl, making it a favourable location for young professionals and growing families who are looking to set up home.
How can investors benefit?
Ilford’s wider borough of Redbridge is attracting residents at an almost alarming rate – since 2001, the population has increased by a massive 21.5%, and the region now houses over 289,000 people. Many of these new arrivals are keen to set up home in central Ilford, prompting developers to roll out plans for new schemes, but the overall consensus is that supply will not be able to meet demand in the coming years.
As a result, house prices are steadily on the rise. In the year to April 2015, Redbridge saw property growth of 14.7%; the average cost of a property in Ilford itself rose by 33.1%. Perhaps most interestingly, though, properties within a 500 yard radius of Ilford’s central train station have experienced an extra 17% price growth above the rest of the local market, demonstrating the desirability of this location further.
Though purchase prices are still remaining competitive in London terms, rents are expected to rise significantly in line with growing demand, presenting a window of opportunity for investors. Projections show that those who decide to enter the market in central Ilford now can expect to secure gross yields of up to 7%.
For more information on Surrenden Invest’s upcoming developments in Ilford, please contact our team directly.