So, it’s not all doom and gloom in the world of property! New Land Registry figures show that house prices have increased sharply in East London which is hosting the Olympics in 2012. A large amount of money has been ploughed into the area to regenerate it, and it is paying off. The areas which have seen the sharpest increases are Shoreditch and Homerton which have seen house prices leap by 59% and 63% respectively. Click here to read the full report in the Telegraph, 27th July 2010.
Recent news about the economy suggests a stalling in the housing market and it has been predicted that house prices will go down. However, the news about East London house prices is very positive and means that it is still worth investing in property in East London. Surprisingly, through, Stratford itself, where the Olympics will mainly be based, has not seen as much of an increase in house prices as some of its neighbouring areas have.
There have been a number of events that have taken place recently that have affected the property market, such as, the scrapping of HIPs packs, the change in government, rise In Capital Gains Tax etc. , however, it is encouraging to see that things are still looking good in terms of the property market in East London.