Exploring Edmonton's property market
For a long time, Edmonton missed out on London's property boom. As recently as February 2015 it was being touted in the press as the last bastion of affordability, a place where a nice three-bedroom family home could still be found for under £300,000. Now a big change is underway, and sellers in the area should take note.
Edmonton previously missed out on the prestige of more central properties, and was deemed too urban to match the appeal of nearby Enfield and leafy Hertfordshire beyond.
However, as prices in neighbouring hotspots have risen, Edmonton's affordable properties, excellent transport links via the North Circular and its access to the Lea Valley have started to look more and more appealing to City commuters and young families.
In February 2016 one report ranked Edmonton as the seventh hottest market in the UK based on how quickly properties were selling – it was the only London area on the list.
Prices increased in Edmonton by almost 30% in the 12 months to May 2016, but the average house price still sits at around 52% below the average for London as a whole. So there's still room for prices to rise, and investors already seem to be responding.
The arrival of the luxury Silver Point not only provided 71 new apartments, it also highlighted the value of local features like the markets, Pymmes Park and Silver Street station to buyers. Meanwhile commercial developments, like the LaSalle Investment Management’s warehouse scheme, are bringing more work to the area.
However, the prime example of pivotal development in Edmonton is Meridian Water. The £3.5 billion project plans to create 10,000 new homes, 6,000 jobs, a new train station with fast links to Liverpool Street and a range of new facilities. The first phase of construction is expected in Spring 2017, if planning obstacles can be overcome.
If these developments succeed in transforming the image of Edmonton, we could be seeing even more activity, and higher asking prices, at online estate agents very soon.