New Build Investor Guide – Redbridge
May 2021
Buying a new build property off plan? Check out our Area Guide first
Are you considering purchasing a new build, off plan property in Brent? Want to get the latest information on house prices, demographics and other useful information before you commit to a deal?
Our Area Guides give you the latest relevant information from local governments, the Census and the Office of National Statistics (ONS) data. They’re designed for offshore, new build property investors to help you understand an area in detail so you can make informed investment decisions.
Read on for investor details specifically about Brent but if it’s more detail about the wider UK property market you need, you can download our latest report here. In our report we address two key questions:
1 Is investing in UK residential property still worth it?
2 If so, where are the best opportunities for property investors and why?
Redbridge, London
Redridge is one of 20 outer London boroughs and is located in east London. Spanning just over 22 square miles, it is the 10th largest London borough by area. North of the Thames, it borders the county of Essex and the London boroughs Waltham Forest, Newham, Barking & Dagenham and Havering. Districts in Redbridge include Hainault, Ilford and Wanstead.
Demographics
Redbridge’s population is forecast to grow by more than 10% by 2030
| Population (2018) | 305,910 |
| Forecast Population 2030 | 337,202 |
Source: data.london.gov.uk
Economically Active Population
A largely young, diverse, mobile population.
| Age Range | Percentage of population |
| 16 – 64 | 65% |
| Under 15 | 23% |
| Over 65 | 12% |
| Martial Status: | |
| Single | 35% |
Source: data.london.gov.uk
Average Life Expectancy
The average life expectancies for those born in Redbridge between 2016 and 2018 are below.
| Males | 82 (UK average is 79). Males born in Redbridge have the 8th longest life expectancy of all London boroughs. |
| Females | 85 (UK average is 83). Females born in Redbridge have the 12th longest life expectancy of all London boroughs. |
Source: ons.gov.uk
Population Density (2011)
Redbridge has 5,411people per km2. Lower than the London average of 5,701 people per km2 and the 14th lowest density of all London boroughs.
Source: ons.gov.uk
International Migration (2018-19)
5,411 new residents from overseas moved to Redbridge in 2018 -2019. Thirteen London borough’s welcomed more new residents from overseas than Redbridge.
Source: ons.gov.uk
Country of Birth
| Location of Birth | Proportion of Population |
| UK and Ireland | 64% |
| EU | 5% |
| Other countries | 31% |
Source: data.london.gov.uk
Crime & Safety
| Crime Numbers (April 2017 – March 2018) | 23,513 |
| Crime rate per 1,000 population (April 2017 -March 2018) | 77 |
| Redbridge has the 12th lowest crime rate per 1,000 people of all London boroughs. |
Source: data.london.gov.uk
Education
Schools
| Primary Schools | 78 (23 of which have an Ofsted rating of outstanding) |
| Secondary Schools | 28 (12 of which have an Ofsted rating of outstanding) |
| Schools and Colleges (16-18 years) | 22 (11 of which have an Ofsted rating of outstanding) |
Source: compare-school-performance.service.gov.uk
Universities
None
Hospitals
Spire London East Hospital
King George Hospital
Goodmayes Hospital
Brookside
General Wellbeing
| Population considering themselves in very good health | 48% |
| Population considering themselves in very bad health | 1% |
Source: data.london.gov.uk
Employment & Economy
70% of working aged people employed (compared to 75% across England 74% across London).
Top 4 Sectors of Employment
| Public administration, education and health | 30% |
| Finance, banking and insurance | 23% |
| Distribution, hotels and restaurants | 16% |
| Transport and communications | 14% |
Source: data.london.gov.uk
Major Employers
In 2020, there were 15 companies in the borough employing more than 250 people and 80 companies employing between 50 and 249 people. (source: nomisweb.co.uk).
Jobs and Job density
Aproximately 37,633 residents of Redbridge also work in the borough. 30,880 people travel into the borough each day for work and 68,416 residents work outside the borough. The daytime population of the borough therefore decreases by 37,536 people each day. (source: data.london.gov.uk).
| Median Gross Annual Pay for full-time employee jobs (2017) | £31,365 |
| Number of jobs in the borough (2019) | 92,000 |
| Jobs per resident | 0.49 (London average 1.03 and UK average 0.87) |
Source: nomisweb.co.uk and data.london.gov.uk
Housing
| Number of residential properties in Redbridge | 103,120 |
Source: data.london.gov.uk
Property Ownership (2018)
| own property outright (no mortgage) | 30% |
| own property with mortgage | 32% |
| rent from a Housing Authority or the Local Authority | 10% |
| rent from a private landlord (representing approximately 28,600 private rentals) | 28% |
Source: data.london.gov.uk
| Households with no car or van (2011) | 28% |
Source: nomisweb.co.uk
Household Composition
| One person households | 26% |
| One family households | 60% |
| Other (sharers / students etc) | 14% |
Source: nomisweb.co.uk
Average House Prices
Average house prices in Redbridge are the 13th least expensive of the 32 London boroughs.
| Average achieved price January 2020 | £419,704 |
| Average achieved price January 2021 | £461,767 |
| Increase/Decrease | +10% |
Source: www.gov.uk
Volume of Sales
During the COVID pandemic, the number of property transactions in the borough of Redbridge fell by 18%. Twenty-one London boroughs saw larger drops in transaction volumes than Redbridge.
| Number of residential sales to year ending September 2019 | 2,181 |
| Number of residential sales to year ending September 2020 | 1,798 |
Source: ons.gov.uk
Achieved Rents (January to December 2020)
Mean monthly average rents in London Borough of Redbridge:
| London Median Rents (per calendar month) |
Redbridge (per calendar month) |
|
| Studio | £950 | £753 |
| 1 bedroom | £1,200 | £1,050 |
| 2 bedrooms | £1,450 | £1,275 |
| 3 bedrooms | £1,750 | £1,600 |
Source: london.gov.uk
New Build Developments in Redbridge
There are currently no properties in large* new build developments in Redbridge available for sale.
*large – schemes of more than 20 units
Environment & Leisure
Redbridge has 34 parks and open spaces. Nine of these have been awarded Green Flag status – a national award which recognises the best green spaces in the country.
Facilities in the borough include:
4 leisure centres
Several cricket and football pitches available for hire
Several tennis courts available for hire
12 libraries
Transport
Redbridge’s overground and underground stations are in Zones 4 and 5.
Overground Stations
| Chadwell Heath | Goodmaynes |
| Ilford | Seven Kings |
Underground Stations
| Barkingside (Central line) | Fairlop (Central line) |
| Gants Hill (Central line) | Hainault (Central line) |
| Newbury Park (Central line) | Redbridge (Central line) |
| Snaresbrook (Central line) | South Woodford (Central line) |
| Wanstead (Central line) | Woodford (Central line) |
Local Government
The Labour Party
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