New Build Investor Guide – Waltham Forest

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 the London borough of Waltham Forest? 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 Waltham Forest 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?

Waltham Forest, London

Waltham Forest is one of 20 outer London boroughs and is located in east London. Spanning 15 square miles, it is the 16th largest London borough by area. North of the river Thames, it borders the county of Essex and London boroughs Redbridge, Newham, Hackney, Haringey and Enfield. The main districts are Chingford, Walthamstow, Leyton and Leytonstone.

Demographics

Waltham Forest’s population is forecast to grow by more than 7% by 2030

Population (2018) 283,524
Forecast Population 2030 303,516

Source: data.london.gov.uk

Economically Active Population

A largely young, diverse, mobile population.

Age Range Percentage of population
16 – 64 68%
Under 15 22%
Over 65 10%
Martial Status:  
Single 43%

Source: data.london.gov.uk

Average Life Expectancy

The average life expectancies for those born in Waltham Forest between 2016 and 2018 are below.

Males 81 (UK average is 79). Males born in Waltham Forest have the 17th longest life expectancy of all London boroughs.
Females 85 (UK average is 83). Females born in Waltham Forest have the 16th shortest life expectancy of all London boroughs.

Source: ons.gov.uk

Population Density (2011)

Waltham Forest has 7,137 people per km2. Higher than the London average of 5,701 people per km2 and the 15th highest density of all London boroughs.

Source: ons.gov.uk

International Migration (2018-19)

5,450 new residents from overseas moved to the borough in 2018 -2019. Twelve London boroughs welcomed more new residents from overseas than Waltham Forest.

Source: ons.gov.uk

Country of Birth

Location of Birth Proportion of Population
UK and Ireland 62%
EU 12%
Other countries 26%

Source: data.london.gov.uk

Crime & Safety

Crime Numbers (April 2017 – March 2018)   22,331
Crime rate per 1,000 population (April 2017 -March 2018) 81
Waltham Forest has the 15th lowest crime rate per 1,000 people of all London boroughs.  

Source: data.london.gov.uk

Education

Schools

Primary Schools 66 (14 of which have an Ofsted rating of outstanding)
Secondary Schools      27 (3 of which have an Ofsted rating of outstanding)
Schools and Colleges (16-18 years) 20 (2 of which have an Ofsted rating of outstanding)

Source: compare-school-performance.service.gov.uk

Universities

None

Hospitals

Whipps Cross University Hospital

General Wellbeing

Population considering themselves in very good health 47%
Population considering themselves in very bad health less than 1.3%

Source: data.london.gov.uk

Employment & Economy

78% of working aged people employed (compared to 75% across England 74% across London).

Top 4 Sectors of Employment

Public administration, education and health   28%
Finance, banking and insurance 21%
Distribution, hotels and restaurants 19%
Construction 12%

Source: data.london.gov.uk

Major Employers

In 2020, there were15 companies in the borough employing more than 250 people and 70 companies employing between 50 and 249 people. (source: nomisweb.co.uk).

Jobs and Job density

Aproximately 34,797 residents of Waltham Forest also work in the borough. 25,782 people travel into the borough each day for work and 62,970 residents work outside the borough. The daytime population of the borough therefore decreases by 37,188 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 Waltham Forest 103,200

Source: data.london.gov.uk

Property Ownership (2018)

own property outright (no mortgage) 20%
own property with mortgage 31%
rent from a Housing Authority or the Local Authority 17%
rent from a private landlord (representing approximately 31,900 private rentals) 32%

Source: data.london.gov.uk

Households with no car or van (2011) 42%

Source: nomisweb.co.uk

Household Composition

One person households    30%
One family households     53%
Other  (sharers / students etc)   17%

Source: nomisweb.co.uk

Average House Prices

Average house prices in Waltham Forest are the 16th cheapest of the 32 London boroughs. Average house price growth was the 8th highest of all London boroughs between January 2020 and January 2021.

Average achieved price January 2020 £443,997
Average achieved price January 2021 £478,186
Increase/Decrease  +7.7%

Source: www.gov.uk

Volume of Sales

During the COVID pandemic, the number of property transactions in the borough of Waltham Forest fell by 26%. Only eight London boroughs saw greater falls in transaction volumes than Waltham Forest.

Number of residential sales to year ending September 2019 2,749
Number of residential sales to year ending September 2020    2,048

Source: ons.gov.uk

Achieved Rents (January to December 2020)

Mean monthly average rents Waltham Forest:

  London Median Rents
(per calendar month)
Waltham Forest
(per calendar month)
Studio     £950 £850
1 bedroom £1,200 £1,100
2 bedrooms £1,450 £1,350
3 bedrooms £1,750 £1,625

Source: london.gov.uk

New Build Developments in Waltham Forest

There are six large new build developments in Waltham Forest with apartments currently available for sale. Average asking prices for three of these developments are set out below.

Construction PropTech Pioneer

Blackhorse View (Barratt)

Total Number of properties 350 (185 private)
First launched August 2020

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Average Prices – Blackhorse View

  Minimum Average Maximum
Price £315,000 £320,333 £575,000
Price per ft² £545 £671 £776
Area (ft²) 406 639 975

source: Molior

  Minimum Average Maximum
Studio £315,000 £320,333 £323,000
1 Bedroom £379,000 £396,889 £414,000
2 Bedroom £473,000 £480,000 £486,000
3 bedroom £499,000 £525,333 £575,000

source: Molior

Feature 17 (Countryside)

Total Number of properties 436 (286 private)
First Launched October 2017

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Average Prices – Feature 17

  Minimum Average Maximum
Price £381,000 £495,510 £630,000
Price per ft² £489 £649 £758
Area (ft²) 538 779 1,226

source: Molior

  Minimum Average Maximum
1 Bedroom £381,500 £400,433 £410,000
2 Bedroom £465,000 £495,053 £525,000
3 Bedroom £534,000 £589,077 £630,000

source: Molior

Picture House (IPE Developments)

Total Number of apartments 29 (26 private)
First Launched June 2020

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Average Prices – Picture House

  Minimum Average Maximum
Price £375,000 £504,000 £600,000
Price per ft² £530 £582 £633
Area (ft²) 592 839 1,184

source: Molior

  Minimum Average Maximum
1 Bedroom £375,000 £375,000 £375,000
2 Bedroom £490,000 £490,000 £490,000
3 Bedroom £565,000 £582,500 £600,000

source: Molior

Environment & Leisure

Waltham Forest was the London borough of culture in 2019, a borough where traditional East End life mixes with the new. It’s home to Europe’s largest urban wetland’s in Walthamstow and part of Epping Forest in the north of the borough.

Facilities in the borough include:

5 town centres (Leyton, Leytonstone, Walthamstow, Highams Park and Chingford)

New centres being developed in Lea Bridge and Blackhorse Road

More green space than any other borough north of the Thames

6 leisure centres

4 libraries

Transport

Waltham Forest’s overground and underground stations are in Zones 3 and 4.

Overground Stations

Blackhorse Road Chingford
Highams Park Lea Bridge
Leyton Midland Road Leytonstone High Rpad
St James Street Walthamstow Central
Walthamstow Queen’s Road Wood Street

Underground Stations

Leyton (Central line) Leytonstone (Central line)
Blackhorse Road (Victoria Line)

Walthamstow Central (Victoria line)

Local Government

The Labour Party

UK market report 1536x768 1 PropTech Pioneer