HOUSE prices in Redbridge plunged by more than anywhere else in London last month - but some estate agents have claimed the west of the borough is bucking the trend.
According to website Rightmove.co.uk, which monitors around 90 per cent of the country’s estate agents, the average asking price for homes in Redbridge fell by almost £6,000 last month - a plunge of 2.2 per cent.
In comparison, neighbouring boroughs like Waltham Forest and Barking and Dagenham both saw substantial rises.
But some experts have argued it is the less affluent areas of the borough such as Ilford and Seven Kings which are skewering the borough-wide data, and claim Wanstead and Woodford are both actually experiencing housing booms.
Jeff Vedgen, manager of Bairstow Eves, said: “Woodford, South Woodford, Snaresbrook and Wanstead have all held up very, very well over the last six to eight weeks. There has been a huge improvement in the number and quality of applicants here.
“It has been a very noticeable improvement, prices in the area have come down and they look comparatively cheaper than 19 months ago and it’s still a nice, affluent and very pleasant part of the world to live in so many people still want to move here.”
And the situation, he claims, can only get better.
Mr Vedgen added: “I think it’s going to go forward. If current trends continue we could see a rise in prices possibly starting within the next few months. I think it’s very sensible in this area to buy now.”
John Wagstaff, of Petty Son and Prestwich, agreed.
He said: “I think as people are looking for a safe bet at the moment. In this sort of market buyers have got the chance to get a property in the best areas locally.
“Previously people were buying in Ilford because they couldn’t afford to live in Wanstead. Now the same people are now finding Wanstead is within their price range and people are choosing to buy in the nicer areas because they’re relatively cheaper.”
However it is not all good news. Average prices are still down 9.5 per cent on last year as a whole.
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