With the East London properties market on the mend, buying houses and apartments in East London is once again desirable.
More house buyers and property investors are eager to invest in the East London property market, which will host the 2012 Olympic Games in only two years.
London’s transition is well and firmly underway. Along with the construction on the sports stadiums and gaming facilities, developers are constructing a lot of new houses and East London apartments. Meanwhile, other transportation infrastructure projects are progressing well.
Make no mistake: the Hackney London housing market is currently one of the best in the country.
Despite this, the supply of Hackney London properties continues to fall short of rising demand, as more individuals try to buy houses and apartments in London.
Most East London property developers are reporting a large rate of forward sales, often before ground is started on new build homes, and house builders are bidding for more land on which to build more East London dwellings, notably apartments.
Many people are concerned about the lack of East London homes – both houses and apartments – as well as rising property costs, since they are being priced out of the East London property market.
According to a new Chartered Institute of Housing survey, two-thirds of parents with children living at home feel their children will be unable to afford to live locally when they leave home due to a lack of available housing and high residential prices.
According to Stewart Baseley of the Home Builders Federation: “The construction of houses is critical to the economy. We already have a million-person housing shortage [nationwide] and are building less than at any point since 1923.”
The Coalition government’s recent Emergency Budget declaration is unlikely to improve the supply of East London homes – neither houses nor apartments – after Chancellor George Osborne presented the largest package of tax rises and spending cuts in a generation.
According to the National Housing Federation (NHF), the housing budget might be reduced by up to 32% during the next four years.
Today, the new build homes industry plays a significant role in the East London property market, ensuring that more people are housed and able to climb on the housing ladder.
However, the well-documented scarcity of Hackney London properties is driving up property prices in the area, which are currently approaching the 2007 peak. This means that houses and apartments in London are also wise property investments.
However, in addition to purchasing houses and apartments in New homes London at the correct time, individuals must also purchase in the right area from developers with a proven track record.
Highlights of East London real estate
Berkeley Homes is currently constructing 250 new Hackney London apartments in the Caspian Wharf development near Limehouse Cut. Penthouse apartments with views of the Olympic Park to the north are also available. Prices range between £172,500 and £1.1 million.
Thornsett Group’s eye-catching contemporary style of its exclusive Lett Road home estate in Stratford makes it one of the more distinctive London property developments. Buyers can choose among apartments with one, two, or three bedrooms, as well as three penthouses at the top of the 12-story building. Property prices in this area begin around £185,000.
Vision Homes is developing Paradise Park, a two-acre development built around the historic Paradise Dock. The property includes 77 private apartments, 55 social apartments, approximately 10,000 square feet of office space, and an underground parking garage.
All of the new homes London apartments in Paradise Park will meet the London Plan’s 20% renewable energy requirement, and will include a centralised heating system, green roofs, and a huge area of solar photovoltaic panels.
Ayana Properties is a top-tier UK estate agency with offices in the Middle East, Africa, and India. Its award-winning and highly skilled staff provides professional guidance on purchasing, investing in, and managing real estate in London, Manchester, Birmingham, and other parts of the UK.