North-east London property prices

According to official statistics released by the Land Registry in June 2007 the average price for a property in the capital currently stands at £338,950 and is increasing at 1.5 per cent monthly. Annually prices in London are increasing by 15.8 per cent.

But average prices in the north-east of London are considerably cheaper.

Figures from online estate agent RightMove.co.uk show the borough of Redbridge, which includes the districts of South Woodford and Wanstead, has an average price of £292,002. Annual house price inflation is also below the average for the capital, but is still above the national average, increasing by 11.8 per cent since June 2006.

Rightmove explains the green spaces, low crime rate and ease of access to Liverpool Street and the City are some of the key attractions of buying property in Redbridge.

Land Registry research for June also reveals house prices in neighbouring Waltham Forest are as much as £30,000 cheaper on average than Redbridge.

The borough, which contains the districts of Leyton and Leytonstone, has an average property value of £262, 465.

Annual house price increases have been higher in Waltham Forest than Redbridge over the last year, up by 12.7 per cent in the 12 months to June 2007.

The borough is largely residential but one fifth is composed of reservoirs, forests and parks. It is framed by the Lee River in the west and Epping Forest to the east, giving some parts of Waltham Forest a greener feel on the outer edges of the city.