From the council site:

The Enjoy Waltham Forest programme is about making our streets work for everyone, and our borough a better place to live, work and travel around.

The Markhouse Area is one of the residential areas we are investing in and it is the final residential scheme identified in our original funding bid to Transport for London. The Markhouse Area scheme aims to build on the changes already introduced in some of the neighbouring areas, including Walthamstow Village, Hoe Street-Wood Street Area and Leyton Town Centre, and will complement the improvements currently taking place along Lea Bridge Road and at Walthamstow Central.

Summary of proposals

The Markhouse Area scheme is framed by Hoe Street, Selbourne Road, Markhouse Road and Lea Bridge Road. The area consists of almost 5,000 households and businesses, and includes six schools, a children’s centre and learning centre, which are attended by more than 4,500 pupils.

A key feature of the scheme involves returning the streets to local people by discouraging non-local traffic from cutting through the area, making the streets safer, quieter and more enjoyable for everyone. The scheme will help create a better environment for walking and cycling, will support the local economy by making the shopping experience more pleasant, and aims to improve the overall look and feel of the area with more greenery and planting, which the community can take pride and ownership of.

The Markhouse Area scheme aims to:
Reduce the non-local traffic
Improve the look, feel and safety of the streets for everyone
Improve routes to and from local schools, shops and places of interest
Encourage people to use sustainable, active and healthy modes of transport.
The proposals combine a mixture of timed and permanent road closures, traffic direction changes, safety improvements and environment enhancements. To ensure the proposed improvements are effective, some of them have been combined into Series of proposals. This is because the proposed improvements in each Series are reliant on each other to be effective and need to be delivered together.