East London prices up 69% since July 05

Conrad

Bears - have your ladybird special savers accounts done this well?

:j



http://www.myintroducer.com/view.asp?ID=4274&utm_source=Sign-Up.to&utm_medium=email&utm_campaign=205435-Daily+27-07


East London house prices up 26%

27 July 2010

As 27th July marks two years until the opening ceremony for the 2012 Olympics, Lloyds TSB research has measured house price performance in the fourteen postal districts located close to the main site of the Games.

Some parts of London close to the main site for the 2012 Summer Olympics have seen a sharp rise in house prices since the capital was awarded the Games in July 2005. Homerton and Shoreditch – both in the borough of Hackney - have seen average property prices rise by 69% and 53% respectively, significantly above the Greater London average of 36%.

There has, however, been a mixed performance in property prices with Stratford, the home of the venue for the Olympic Stadium, seeing only a 3% increase in average prices, slower than any of the other Olympic postal districts.

Suren Thiru, housing economist, Lloyds TSB, said:

"Some areas close to the main Olympic site have experienced a sharp rise in property prices since London's successful bid to host the 2012 Olympic games. Part of this rise is likely to have been due to an increased interest in property in these locations from both buyers and investors as a result of the associated regeneration taking place. The picture, however, is mixed.

"Looking forward, property prices across East London are likely to receive a boost from the legacy of improved infrastructure and transport links left by the London games."

Average prices in the fourteen postal districts located close to the Olympic site have risen by over a quarter (26%) since July 2005. This exceeded the average rise of 20% across England, but was below the London average of 36%.

Four out of the 14 Olympic postal districts saw house prices rise by more than the average for London (36%). House prices in the Olympic areas have bounced back strongly from the downturn in the housing market, rising by 13% between April 2009 and April 2010. This was almost three times the average rise across England (5%), but slightly lower than the London average (16%).

Tuscan

well i hope thats true as we live on the Essex/East London borders and plan to sell next year and move out to Rural (cheaper) East Anglia, fingers crossed some of the money we have had drop off in the last 2yrs will now go back on....

Conrad

Property investing is so much more heroic compared to opening an early bird saver account and shivvering behind the sofa, te he

Blacklight

With all the redevelopment it's not surprising. A lot of the 'round my way' posts often miss (or choose to leave out) the external factors like redevelopment or refurbishment when they froth about how much people are asking compared to what some website says the last sold price was.

nembot

Thank f00k I don't want to live in East London

Out,_Vile_Jelly

I doubt I will ever be desperate enough to buy in East London. At least in other parts of town you can see why it's a desirable place to live.

stonethrower

nembot wrote: »

Thank f00k I don't want to live in East London

couldn't agree more east london is a dump

the_flying_pig

yup, it does look as if east london may have been the very epicentre of the delusion/new paradigm bit at the very end of the bubble...

well, hackney was smartening up generally but you can see that the 2006/07 bubble last knockings were spectacular there...

i wonder where it'll all end...

phil_b_2

I was watching homes under the hammer today and some russian bird bought a studio flat which was a wreck for nearly £200k at auction. Not sure where in London it was exactly but almost seemed like a joke.

fc123

stonethrower wrote: »

couldn't agree more east london is a dump

Depends on your demographic though. Son and all mates love it + are are paying crazy money to rent places (all ex LA..or maybe not very ex as LL likes the rent in cash each month and includes CT) and it's changing the areas a lot. OH went to visit sons place in E1 on Very grim council estate full of bright young things renting living alongside some original tenants who hadn't quite sussed the value of their places.

The bright young things are paying serious cash too. 3 bedder maisonette (you know the type of thing) @ £1400 pcm. :eek:


My new studio is also E1 and I like it ....but I escape to the suburbs at night.:o I am not liking the suburbs much now either mind.

chewmylegoff

fc123 wrote: »

Depends on your demographic though. Son and all mates love it + are are paying crazy money to rent places (all ex LA..or maybe not very ex as LL likes the rent in cash each month and includes CT) and it's changing the areas a lot. OH went to visit sons place in E1 on Very grim council estate full of bright young things renting living alongside some original tenants who hadn't quite sussed the value of their places.

The bright young things are paying serious cash too. 3 bedder maisonette (you know the type of thing) @ £1400 pcm. :eek:


My new studio is also E1 and I like it ....but I escape to the suburbs at night.:o I am not liking the suburbs much now either mind.

£1400pcm for a 3 bed that close to central london isn't exactly expensive to be honest. only works out as £466pcm each for 3 sharers. you have to pay more than that these days to live close in and live in a half decent area.