"Why the East London sales market is proving robust!"
It's fair to say that the East London property market has come a long way in a short space of time.
Certain areas of our corner of the capital have become some of the trendiest and most sought-after locations in London.
There's also been huge regeneration in recent times with a further £200 billion+ expected to be
invested into the area in the next 15 years.
We also can't forget the impact of the Olympics in 2012 and all the subsequent publicity, trade and development that comes with hosting the Games.
But with the capital now adapting to a post-Brexit vote landscape, is the London housing market starting to falter?
Far from it, as far as we can see. Below, we've taken a look at five East London areas we know very well where the local property markets remain unwaveringly robust...
As Team GB strut their stuff in Rio this month, property investment firm Property Partner has analysed data from the UK House Price Index to see how the six Olympic boroughs (Newham, Waltham Forest, Barking and Dagenham, Tower Hamlets and Greenwich) have performed compared to the rest of the capital since 2012.
Well, quite impressively, according to the figures. In the last four years, the average property price across the Olympic boroughs has increased by 64%. Across the capital's 32 boroughs as a whole, the figure is just over 52%.
The best performing Olympic borough is Waltham Forest, where average house prices have increased by over 76% since 2012. That's quite some going and has really benefitted Waltham Forest locations like Leyton.
Royal Docks falls into the London Borough of Newham, where average prices have increased by over 62% since the Games took place four years ago.
The area is set to receive a further boost when it benefits from a huge regeneration project which will include floating homes, new housing developments and hotels.
There are also plans to develop a brownfield site in the area, which could provide over 950 new homes.
Royal Docks' prime location, twinned with its continued regeneration and development, mean that the sales and lettings markets here remain extremely buoyant.
The home of the 2012 Olympics also falls into Newham. According to Property Partner's analysis, the average cost of a home in Newham is now over £350,000, up from £216,463 in July 2012.
The area has become a hive of activity thanks to the presence of Westfield Stratford and the high number of apartment blocks springing up over the last few years.
There's also housing in the Queen Elizabeth Olympic Park, an area which will receive a further direct economic boost this year after West Ham United's relocation to the Olympic Stadium from Upton Park.
Figures from LonRes show just how far Stratford has come. Since 2010, average house prices in Stratford have increased by 60%, compared to 36% across the rest of Greater London.
Despite the rapid growth, large parts of Stratford remain affordable for renters and property buyers - something which is keeping transaction levels in the local property market very high indeed.
The Docklands area falls into several boroughs, including the aforementioned strongly performing Newham as well as Tower Hamlets.
Since 2012, average property prices in Tower Hamlets have increased by just over 60%. In July 2012, the average cost of a home was £283,469. This May, that figure reached £455,267.
The area, which is of course known for the Docklands Light Railway, will soon benefit from the new Crossrail line. The prospect of this additional public transport link is already attracting interest from eager property investors, and subsequently having an effect on property prices in some Crossrail locations.
As mentioned above, the London Borough of Waltham Forest, home to Walthamstow, has recorded the highest house price growth out of all the Olympic boroughs since 2012.
The average cost of a home in this location was just over £236,000 in July 2012. Four years later, it has increased to almost £420,000, according to the UK House Price Index.
Walthamstow has forged a reputation as one of London's trendiest areas in recent years, with people flocking from all over to try and get a piece of the action around the celebrated Orford Road.
This has of course had a significant impact on the local property market – demand for property is sky high, which is one of the reasons why prices have increased so significantly over the last four years.
Here at Outlook Property our network of branches covers all East London postcodes. If you need advice on buying, selling or letting a home please get in touch with us.
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