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Average price of Redbridge home hits £308k and 'will continue rising'

PUBLISHED: 14:33 21 May 2013

The average price of a Redbridge home has risen more than £10,000 in the last year to a whopping £307,572 - but it is still one of the cheapest areas of London.

According to Rightmove’s monthly price index, the borough is the sixth-cheapest in the capital but ranks higher than neighbouring Havering, Newham and Barking and Dagenham.

In just the last month, prices have risen nearly two per cent, from £302,303 in April and this month’s average was four per cent up on last year.

It was one of the largest annual increases in London.

Andrew File, manager of Sandra Davidson estate agents in Seven Kings, said Redbridge is a “desirable area” for buyers.

He added: “People moving out from inner London see it as going upmarket.

“Prices are climbing slowly and there has been a lot of activity in the last couple of months with more houses on the market and more buyers.”

Mr File said a three-bedroom house in Eton Road, Ilford, was put on the market for £235,000 this month and had 13 offers within a week.

He predicted the rise in prices will continue in the borough.

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