The east of London is increasingly attractive for those looking to set up home in the UK capital, thanks to a combination of transport links, high quality local facilities and quality of life, it is claimed. The latest London Housing Fundamentals Index from the Centre for Economics and Business Research (Cebr) highlights the contrast between areas that have high prices and false desirability, and those with true desirability based on solid practical criteria.
The ‘migration east’ continues to be a key social trend in London, something which began in areas such as Shoreditch, Bethnal Green and Dalston. The trend is now asserting itself powerfully among both homebuyers and renters with areas including Stratford, Bow, Stepney Green, and East Village (the new E20 postcode in the Queen Elizabeth Olympic Park) becoming more sought after. The Cebr study, the second of its type, brings together data on property prices and living conditions to assess housing market fundamentals in a range of postcodes across the capital.
The think tank’s first report pointed to the attractiveness of E20 in particular in the aftermath of the 2012 Olympic Games, but its latest study is even more emphatic, highlighting the impact of Crossrail on accessibility to employment. It estimates that average property values in the new E20 postcode, for example, could hit £500 per square foot during 2013. Other factors enhancing the desirability of E20 include the close proximity of the Westfield Stratford retail centre, as well as growing employment prospects in the wider Stratford area and the prospect of 15,000 jobs at the new International Quarter which is set to begin construction in 2013/2014.
Quote from PropertyForum.com : “Activity in three English counties around London has seen instruction levels to estate agents increase by 10% in the last couple of months compared with the same period a year ago.”
In addition, the area’s livability is judged to be high, and its desirability is enhanced by the provision of abundant health, educational and leisure facilities. High quality architecture and landscaping, with extensive open areas and more than 700 acres of parkland complete the picture.
The Cebr Fundamentals Index of key London postcodes ranks East Village, the former Olympic Village, on an equal footing with Hammersmith, and above Vauxhall, Shepherds Bush, Bow and Stoke Newington. ‘The research conducted clearly shows that areas within the east of London offer a high standard of living. The Olympics gave the east a big boost, but it is the overall cost to liveability ratio of places like Stratford and E20 which is likely to entice more and more Londoners to head east,’ said Cebr analyst Osman Ismail.
East Village is currently being transformed following its use as athletes’ accommodation during the Olympic and Paralympic Games last summer. There will be a total of 2,818 homes, including 1,379 affordable homes, ranging from one bedroom apartments to four bedroom town houses. New kitchens are being fitted, and partitions are being taken away that created extra bedrooms for the athletes during the Games. Final fittings and landscaping works will take place in coming months to prepare East Village for its first residents to move into this summer.