Story Highlights

• Redbridge had total Property Sales of £1.49 billions in 2016
• The total number of properties sold in year 2016 was 3260
• The Average property price was £458 K while Median was £385 K
• Not New Property contributed 97.03% by value and New Property 2.97%
• Stamp duty changes caused monthly spike in March
• Brexit and Stamp Duty changes did not have significant impact on Redbridge property market 2016

Redbridge is one of the Boroughs of East London. It had total Property Sales of £1.49 billions which was 9.09% of East London Property Market 2016.

Total Sales By Property Type

The split of £1.49 billions across the different property types are:

• Terraced £579 millions (38.8%)
• Flat/Maisonette £333 millions (22.72%)
• Semi-Detached £289 millions (19.36%)
• Other £185 millions (12.39%)
• Detached £107 millions (7.19%).

Year on Year Comparison : Compared to Redbridge Property Market 2015  in 2016

• All the property types have shown decline in sales except Flat/Maisonette, Other.
• Others has shown significant growth of about 172% year on year

Redbridge Property Market at Postcode Level

 For property market details at post code level please click on Postcode in the table above.

Month-wise Break-up of Total Sales

Stamp Duty Hike Impact

1. March had property sale spike of £246 millions  compared to £ 196 millions in Feb 
2. The impetus for it was to avoid the extra 3% in Stamp Duty Tax applicable on buying an additional home, being applicable from April 1 2016

Brexit Impact

1. Brexit took place on 23rd June 2016.
2. As can be observed from the month-wise break-up there does not seem to have been  dip in property sales in the immediate aftermath of Brexit 
3. Year on Year the property market for Redbridge has shown growth of 3.5% over 2015

Total No Of Properties Sold By Property Type

In Redbridge the total number of properties sold in year 2016 was 3260. The breakdown by different property types are:

• Terraced 1295 (39.72%)
• Semi-Detached 541 (16.6%)
• Other 112 (3.44%)
• Flat/Maisonette 1175 (36.04%)
• Detached 137 (4.2%).

Year on Year Comparison : Compared to Redbridge Property Market 2015  in 2016

• Total number of property sales in Redbrdige has declined by 11.03%
• All property types have shown decline in number of properties sold except Other
• Other has shown significant increase  of 111%.

Average & Median Sales Price

In 2016 the Average property price was £458 K in Redbridge. The average price for the different property types are:

• Detached £783 K
• Flat/Maisonette £283 K
• Other £1.65 millions
• Semi-Detached £534 K
• Terraced £447 K.

The Median Price was £385 K. The median property price for the different property types are:

• Detached £745 K
• Flat/Maisonette £270 K
• Other £389 K
• Semi-Detached £490 K
• Terraced £425 K.

Year on Year Comparison : Compared to Redbridge Property Market 2015 in 2016

• The average and median sales price across all property types have gone up except for Other
• Other decline indicates that property for business/commercial purpose became cheaper in 2016 compared to 2015

New Vs Not New Property Statistics

By Value Of Sales

• Not New Property contributed £1.5 billion (97.03%)
• New Property £44 millions (2.97%) 

 By Number Of Sales

• The number of Not New Property sold was 3125 (95.86%)
• The number of New Properties sold was 135 (4.14%) 

Year on Year Comparison : Compared to Redbridge Property Market 2015  in 2016

• New property market share in property market has gone down in 2016 over 2015

All London Posts