Despite not being within the Central London boundaries, Newham is one of the most popular areas for property investment, partly due to the new and exciting renovations and increasing job opportunities across the borough, but also in part due to the historic nature and classic beauty of this area of London. Rows and rows of pre-war terraced housing makes up the majority of property within Newham, creating a borough that’s steeped in tradition and one which exhibits many features of the stereotypical working class town of the early 1900s.
Since 2000, Newham’s reputation has really been on the rise, beginning with the opening of the ExCeL exhibition centre which has attracted visitors from all across the globe. In recent years, the centre has hosted the G20 London Summit, the British International Motor Show, The X Factor, and the London Clothes Show. Of course, the ExCeL centre was also a major olympic venue in 2012, hosting boxing, fencing, judo, and wrestling matches.
The London 2012 olympics have only served to better Newham, and this can be directly attributed to the house price inflation seen across the borough in recent years, and the influx in business at estate agents in Newham. The Olympic Stadium, and the majority of the Queen Elizabeth Olympic Park are held within the Newham boundaries. As a result of the increased tourism that resulted from London 2012, Newham is undergoing extensive renovations, particularly within the transport sector, making it one of the most exciting places to live in London.
Census information shows that Newham is one of just two London boroughs where there is a larger black and ethnic community than white British residents, and many of the shopping districts are designed to cater to this population, such as Green Street and Queens Market. Multiple nationalities feel at home here due to the facilities in place for non-white residents and the safe community atmosphere, so the area largely attracts those from ethnic backgrounds.
Newham also attracts a large number of manual workers who want to live close to the workplace. What Newham lacks in office space it makes up for in industrial floorspace, and it currently holds more industrial sites than the London average, creating a number of job opportunities for residents. The borough’s largest industrial sites are at the Royal Docks and across Beckton, so these areas are popular choices for property investment in Newham due to the lower prices.
Property investment in Newham certainly isn’t unheard of. In fact, Newham property investment can be a relatively risk free endeavour. The borough is one of the most expensive in London in terms of average income, which means that renting is the primary tenure type. Only 32 percent of Newham residents own their own homes, with the majority renting privately. The Strategic Housing Market Assessment even suggests that Newham is near the top of the list for buy-to-let property applications.
Property Prices & Inflation
The average property price in Newham is £228,216, up by 5.3 percent on last years figures. However, house value does fluctuate significantly between different areas of the borough, with Silvertown offering the most expensive properties, and East Beckton offering more budget-friendly alternatives. Figures from 10 years ago cite the average property price in Newham to be £191,884. Property prices in this area are consistently lower than the London average, making property investment in Newham relatively common.
• Newham is home to England’s biggest tidal mill, House Mill, which is one of four Grade I listed buildings in the area.
• Newham is the birthplace of many famous actors and singers including Honor Blackman, Idris Elba, and Dame Vera Lynn.
• Newham’s population is growing at an unprecedented rate, and is expected to grow by 28 percent by 2020, causing a rise in Newham property sales.