Not surprisingly, considering the time of year, there were fewer buyers out and about over the recent festive period which is one of the reasons property owners in TFL’s zone three saw a fall in the value of property last month.
According to online property portal Rightmove’s House Price Index, the average property in Leytonstone, based on asking prices, was valued at £564,050 for the first week in January compared to £583,360 the previous month– a fall of 3.3 per cent. But then sales are always slow over the Christmas period and sellers would have reduced prices accordingly.
On an annual basis it’s a 7.7 per cent fall with properties this time last year coming in at an average £611,250.
The Leytonstone story reflects the bigger property picture in the capital with the average house price in Greater London as a whole down 1.4 per cent on the previous month at £600,926 and 3.5 per cent on 2017’s valuation.
Miles Shipside, Rightmove director and housing market analyst says another reason – and probably the main one why prices are down in the area – is the clear attempt by new sellers coming on to the market at the beginning of the year to attract keen New Year buyers via ‘more competitive pricing.’ Existing sellers who have not sold are also likely to follow suit.
Despite this, zones two and three have been hardest hit by what Shipman refers to as “over-stretched affordability and uncertainty over the effect on the property market of Brexit.”