Buying An Investment Property In Woodford?
Sat 19 Nov 2016
Woodford is one of the quickest growing rental markets in this area. Rents are steadily increasing, with professional tenants often getting into a bidding war for the right property. But what makes Woodford such a popular choice? And what does this mean for potential investors?
Woodford has been popular with commuters into London since the 1700s, when wealthy Londoners would build their country retreats on the edge of Epping Forest. Over 300 years later, people are still seeking to live in Woodford, and it is only increasing in popularity. Woodford is a fantastic area in Greater London, set right on the edge of Epping Forest, with abundant shopping facilities nearby, great family entertainment and education, as well as an amazing nightlife.
The transport links are envied by the surrounding towns, with South Woodford less than 30 minutes away from the West End. The Central line tube stations in Woodford and South Woodford (both Zone 4) are a popular option for commuters, however, should you prefer to drive, there is also easy access to the North Circular. There are a number of excellent state and independent schools nearby, and the transport links make it an affordable place to live for those studying in central London. Recent crime statistics also show that Woodford has a lower than average crime rate.
What are the prospects for investment buyers looking in the Woodford area? Well, the rental market has been steadily increasing in Woodford, and South Woodford in particular. As professional couples, students and families are all trying to move and rent in this area, bidding wars are often seen for the right property. Rental marketing prices are often achieved, or exceeded, with most properties letting very swiftly indeed. The overall sold prices in Woodford are down 3% over the last year from the previous year (according to Zoopla). However, with many potential buyers not wanting to commit to purchasing until the uncertainty of Brexit has died down, and with the rental market continuing to boom, we predict the rents will only continue to increase.