Olympic legacy to boost east London property prices
Released on: September 19, 2007, 8:24 am
Press Release Author: Jimwatson
Industry: Small Business
Press Release Summary: The legacy of the London Olympic Games in 2012 is going to be apparent in increased property prices in east London, according one property developer. Over the next five years the area is going to be undergoing a rash of construction works to prepare for the athletics festival.
Press Release Body: The legacy of the London Olympic Games in 2012 is going to be apparent in increased property prices in east London, according one property developer. Over the next five years the area is going to be undergoing a rash of construction works to prepare for the athletics festival.
As well as the facilities for the games themselves, there are going to be any number of supporting projects. The transport infrastructure is being overhauled and extended, with the East London Line scheduled for two phases of further development.
The first, to be completed by 2010, will see the line reach all the way to Dalston Junction in the north and New Cross, Crystal Palace and West Croydon in the south. Further extension will bring the line into Highbury, while phase two - slated for 2015 - will take the line right out to Clapham Junction.
London property developer Ludlowthompson believes that property prices in areas of East London - such as Walthamstow - could rise by as much as £100,000 as a result of the redevelopment and infrastructure works.
Describing Walthamstow as \"fantastic\", spokeswoman Natalie Churchman said that prices have been rising both here and in the surrounding areas. \"It\'s risen more than some more established areas in London because of the Olympics,\" she explains.
The typical buyer in the area is a first or second-time buyer, usually a professional or someone who works in the City, Ludlowthompson says. These people typically find themselves looking around the east London area because the property is \"a little bit more affordable\".
In addition, as they are professional people and typically working long hours, they want \"convenience and easy living\", says Ms Churchman. She explains that \"this is good for the area, it encourages businesses to open up so you get better quality supermarkets
\"You might get a coffee chain opening up on the high street, the gentrification starts to happen\".
Perhaps the developments of most interest to property investors are those to do with price. At present, Ludlowthompson values two bedroom apartments in the area at around £250,000.
In future they expect this to rise to anywhere between £300,000 and £350,000. And this will have the added bonus of forcing \"your more traditional Victorian conversions\' prices to rise\".
All in all then, the Olympic Games look likely to bring substantial benefits to east London and landlords and property investors may want to ensure that they are at the front of the pack when chasing the best buys in the area.
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