As another year draws to a close and the festive lights brighten up the streets of E11, it’s the perfect time to pause, take stock, and reflect on what the past year has brought us.
It's been an eventful twelve months, from property highs and rental challenges to the ever-changing ways we live and work. It’s fair to say that 2024 has been a year full of lessons and progress, with a fair bit of tea drunk along the way!
Market resilience in evidence, again
Despite the broader economic challenges, Wanstead’s property market has held its own.
Property prices here rose by around 2%, outperforming many neighbouring East London areas. The demand for quality family homes remained strong throughout the year, proving once again that our little corner of London is as desirable as ever.
On the rental front, things were equally active. Rents increased by approximately 5% as families and professionals continued to be drawn to Wanstead’s excellent schools, green spaces, and community spirit.
That said, reduced rental stock caused by some landlords exiting the market made renting even more competitive—a trend we’ve been helping our clients navigate.
Changing needs in challenging times
This year brought its fair share of hurdles, particularly for buyers.
Rising mortgage interest rates led to a 10% drop in approvals, with first-time buyers feeling the pinch most. Inflation and the cost-of-living crisis have also had their impact, shifting focus towards energy efficiency. More than ever, buyers and tenants prioritised homes with strong EPC ratings and modern insulation—smart moves for both sustainability and affordability.
We also saw hybrid working trends continue to firmly embed themselves into modern life. Properties with dedicated home offices and outdoor spaces remained at the top of many wish lists as more families carry on navigating a more flexible way of working.
A community second to none
I know I say this every year, but through all the ups and downs, Wanstead’s strength lies in its community.
From local events to small initiatives, we’ve been proud to lend our support wherever possible in 2024. It’s this spirit that truly makes Wanstead such a fantastic place to live, work, and grow.
This year, we were delighted to get involved with a number of wonderful local events, including Snaresbrook Primary School’s Christmas Fete, Wanstead High School’s centenary celebrations, and Nightingale Primary School’s Summer Fete. We also lent our support to Spark’s Summer Party Fundraiser, Walkies with Una’s PDSA event, and hosted MacMillan Coffee Mornings right here at our office. As founding sponsors of the Wanstead Fringe Festival, we continued to champion this much-loved community highlight, too. These are just a handful of the events and causes we’ve been honoured to support this year, and we couldn’t be prouder of the incredible work happening in and around Wanstead.
As always, I’d like to extend a heartfelt thank you to our clients, team, and everyone in the wider community. Whether you’re buying, selling, renting, or letting, your trust in Petty Son and Prestwich means the world to us.
Looking ahead to 2025
The coming year will undoubtedly bring further changes, but Wanstead’s market remains full of opportunity. As ever, we’ll be here to help you navigate it—whether you’re moving up the property ladder, downsizing, or simply dreaming of your next move.
For now, though, it’s time to slow down, celebrate, and enjoy the season with family and friends.
From all of us here at Petty’s, we wish you a very Merry Christmas and a happy, healthy New Year.
Here’s to 2025 and all it may bring.
As Petty’s MD, John steers the ship. He is, however, first to admit that the team around him run the show, and he’s incredibly proud of each and every one of them. Sporty and studious, caring and loyal, John is a father of two wonderful children (and Cooper the dog).
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