Leyton vs. Walthamstow properties?

l_f_w

I'm looking to buy a 1 bed property in East London. 

Budget is £300-315K for old property and £400K for new build (via Help To Buy equity loan). 

Which area am I going to see the biggest growth in equity? 

For both areas, I'm looking at a max of 10 mins walk to the nearest tube and ideally somewhere with outdoor space and 500sq ft minimum. 

I know Walthamstow has had quick growth in the last 5 years and Leyton is behind but will that growth plateau in Walthamstow and start growing in Leyton. 

Any advice would be amazing!

Dusk1983

I know both areas very well. Walthamstow is slightly more expensive but there’s not much in it these days. Both areas are large and generally unremarkable, with a varying number of more gentrified pockets like Walthamstow village, poets corner, Lloyd park in E17, or Francis Road in E10. There are obviously more in E17, but in terms of prices people usually fail to do like for like comparison e.g. Francis Road isn’t far off the village now.

When people talk about Walthamstow or Leyton “coming up” they have usually only been to those spots. The rest is a long way from being traditionally gentrified, and I would say it’s about par who gets “there” first. It might never happen. You are taking about numerous 2nd or 3rd generation immigrant communities who have an established community and amenities that work for them.

caprikid1

Have you considered Leytonstone ? I lived there for 5 years and found it pleasant enough although you may struggle with the 10 minute walk. I echo what the above said regarding 2nd and 3rd Generation.

Personally I now live in a sleepy wiltshire village and don't miss all the "Some one was shot stabbed or murdered here signs", you never underestimate how much crime is in these areas till you leave.

Indigo_and_Violet

We're a bit less far east but lots of our friends have moved out in that direction recently.

Walthamstow I think is a safer choice - as you say prices have grown recently so there's less room for big increases in the near-term, but it's also a bit further down the gentrification path.

Leyton hasn't yet been on that trajectory, so it's more of a risky choice. It might start gentrifying rapidly and see big growth, but equally it might not. 

My only 2p would be to avoid anything too close to the Olympic Park in Leyton - between one set of friends in a flat with cladding, another facing the possibility of the death-star dome on their doorstep and just generally LLDC being a rubbish planning authority you may well find some bargains coming up but I'm not sure it's worth the hassle. 

K_S

@l_f_w Prior to moving out of London, I've lived in various parts of East London over the years and between the two I'd say Walthamstow is a "better" place to live, of course that's a subjective opinion and there are plenty of different pockets that are worse/better than the average. Just on that basis, imho that would see bigger/faster capital growth (if any) compared to Leyton. Of course all this assuming you buy at a 'fair' price!

From what I see from my clients selling/buying in that part of London, there are plenty of good flats available at decent prices with sellers willing to negotiate and imho for that budget you should be able to get a property that you like. I have pleasant memories of living in Leytonstone, a 10-15 minute brisk-walk radius should give you a good choice of properties and plenty of green space within a stone's throw. So perhaps that might be an option as well. 

I really like that part of greater London (if we ever move back to London, it'll be to Aldersbrook, a beautiful part of Leytonstone surrounded by green space and woods on all sides. Not that we'd be able to afford a family home there!) and hope you find a property you like, good luck!

macman

If there is still any Crossrail uplift to come, then you'll get that in Leyton (just one stop to Stratford), but not in W'stow, which is Overground/Victoria line only.

l_f_w

caprikid1 said:

Have you considered Leytonstone ? I lived there for 5 years and found it pleasant enough although you may struggle with the 10 minute walk. I echo what the above said regarding 2nd and 3rd Generation.

Personally I now live in a sleepy wiltshire village and don't miss all the "Some one was shot stabbed or murdered here signs", you never underestimate how much crime is in these areas till you leave.

Yes, Leytonstone has been in the search too. Just not finding anything that fits the bill for my budget. Some nice flats but they are tiny (around 300sqft) and no outdoor space. 

l_f_w

Indigo_and_Violet said:

We're a bit less far east but lots of our friends have moved out in that direction recently.

Walthamstow I think is a safer choice - as you say prices have grown recently so there's less room for big increases in the near-term, but it's also a bit further down the gentrification path.

Leyton hasn't yet been on that trajectory, so it's more of a risky choice. It might start gentrifying rapidly and see big growth, but equally it might not. 

My only 2p would be to avoid anything too close to the Olympic Park in Leyton - between one set of friends in a flat with cladding, another facing the possibility of the death-star dome on their doorstep and just generally LLDC being a rubbish planning authority you may well find some bargains coming up but I'm not sure it's worth the hassle. 

Interesting! 

I was looking at a Taylor Wimpey development in Leyton called Coronation Square which is close to the Olympic Park but not inside it (MSE won't let me post the link). It's built with brick so don't foresee cladding being an issue - although always a risk with new builds and snagging issues. 

hazyjo

My nephew just bought a 1 bed in Wanstead for that price. That area's always done well and I think is due a bit of a surge again as it's levelled out a little with the 'not so nice' areas around it.

Plus it's MUCH nicer!

TripleH

How are areas 'gentrified'?

I understand how it works for old abandoned areas (ex-industrial).

If it relies upon the exodus of people, they have to go somewhere and if everywhere  is gentrified won't they run out of places to live, that or a no-go ghetto is created?

The above is more a musing than to spark a hostile debate.

Indigo_and_Violet

TripleH said:

How are areas 'gentrified'?

I understand how it works for old abandoned areas (ex-industrial).

If it relies upon the exodus of people, they have to go somewhere and if everywhere  is gentrified won't they run out of places to live, that or a no-go ghetto is created?

The above is more a musing than to spark a hostile debate.

There's lots of reading on it if you've got a bit of time and access to google but basically:
- Prices in Area A go up due to a shortage of supply (there aren't many homes in central London, the population has been increasing, there are lots of foreign investors)
- People who used to be able to buy in Area A can no longer afford to, and so buy in Area B. This creates an increase in price in Area B.
- As for the people who used to buy in Area B, yes they either move away (you'll often see people on this board being advised to find a cheaper area if they can't afford to buy in their desired ones) or they struggle to find a home and so we end up with a housing crisis. Which is what we currently have in London.