Letting Reference Checks – Waltham Forest

Over the past ten years Waltham Forest has seen a rapid increase in the demand for private rental accommodation. In the ten years between 2001 and 2011, the number of private rented households almost doubled from 14,000 to 25,000, according to statistics from the borough council.

As a quarter of the population in the area now rent privately, accurate letting reference checks in Waltham Forest are vital as letting agents want to secure the right tenants for their landlords, to keep their reputation intact. Fortunately, Diligent Services provide a high quality tenant reference checking service, and with 20 years’ expertise in our field we have a large client base, which includes rental agencies in North East London, Hertfordshire and further afield in the UK.

This article takes a brief look at the housing market in Waltham Forest and why it has become a popular place to live.

Diligent Services - Click here to find out more about our tenant reference checks for letting agencies.

The Housing Market in Waltham Forest

The rise in the numbers of private rented households in Waltham Forest corresponds with the London average. The main reason is rapidly rising house prices, which are rising faster in Waltham Forest than in London as a whole (the area saw a whopping increase of 32 per cent from 2013-14).

What are the reasons for this? The principal one is that despite the rise, Waltham Forest still commands lower house prices than in many other parts of London. House prices here – which includes Leyton, Leytonstone, Chingford and Upper Walthamstow – average at £417,000 for a terraced home, compared to £587,000 for a similar property in London as a whole (2015 prices). But, despite the attractive house prices in the area the numbers of owner occupied households have dropped to 50 per cent of the market, while the numbers of renters are rising.

So how much can people expect to pay a month in rent? From October 2015, the average rental price for a two bedroom property was £1,384, and £1,759 a month for a three bedroom, according to Home.co.uk. The price people can expect to pay, of course, varies according to the quality of the property and area. Stewardstonebury commands the highest house prices and rental prices, and Leyton Marshes has been cited as the least expensive to buy or rent.

Even the tiniest properties have their appeal. The area recently hit the headlines in The Guardian when a self-contained flat at the back of a shop in Gloucester Mews was auctioned for a guide price of £85,000. The small flat, which consists of a studio bedroom/living room, kitchen, shower and toilet, had been let for around £820 a month.

And, with buy-to-lets offering such good returns, it makes sense for landlords to ensure that the letting agents they use employ a professional company such as Diligent Services for letting reference checks.

Living in Waltham Forest

Although the appealing house and rental prices are the main reasons for moving here, there are other draws too. Waltham Forest was one of the boroughs to host the 2012 Olympics, and the world's media spotlight on Waltham Forest’s three Olympic swimming pools was a major boost to the area.

Waltham Forest is also an area for start-ups and franchises. The borough has almost 8,000 micro businesses (companies employing less than ten people, such as factories, shops and branches). For cultural buffs, however, another bonus is the E17 Art Trail, which lasts for 16 days and has thousands of local artists exhibiting.

Another reason for its popularity is its transport links, as the borough is served by the Central tube line (Leyton and Leytonstone) and the Victoria Line (Walthamstow Central and Blackhorse Road). The borough is also served by the London Overground rail service which runs to and from Liverpool Street Station, and stops at various places on the Gospel Oak to Barking line. Frequent day and night buses also run to and from Waltham Forest.

Letting Agencies

If you are running a letting agency in Waltham Forest, it is vital to receive tenant reference checks that you can rely on. Diligent Services provide bespoke services to rental organisations in the London and Hertfordshire region, as well as across the UK. We offer a quick and efficient service to ensure letting agencies receive reference reports as quickly as possible.

Diligent Services - Click on the link to find out more about our letting reference checks in Waltham Forest.