Mon, 16 Jul 07
The 2012 Olympics is not attracting property buyers to East London as expected, according to the latest figures released by Zoomf.com, London’s leading property search engine...
The lack of good properties coming onto the market coupled with the prospect of East London being one gigantic building site for the next six years and uncertainty over long term investment potential appears to be putting many home buyers off.
In a list of the top 50 areas in London that people are looking to buy property, Tower Hamlets was the most popular location in East London in May but still languished in 26th position.
The next most popular East London areas in the list were the Docklands in 38th position and Hackney at a lowly 44th place.
East London fared little better in April and March with only Hoxton (43rd) and Old Street (45th) appearing in the top 50 list in April and Limehouse at 21st spot the most popular in March.
Shane Jackson, sales director, of London estate agents Atkinson McLeod comments: East London is a tricky market for the traditional home buyer. When London won the Olympics, there was a real buzz about East London as a property hotspot.
Investors can still see the long term potential but for people looking for good value property, but not necessarily motivated by financial gain, the initial attraction of East London may have waned.
It may be that buyers are fed up with the East London market because any new properties are being snapped up by investors. Many people may simply have given up on East London because there is no stock coming onto the market.
The other possibility is that in peoples’ minds, East London is going to be one gigantic building site for the next six years. For those buying as a lifestyle choice rather than simply for financial gain, this prospect is not very appealing.
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