East London Properties: New houses & apartments prove popular With the East London property market on the road to recovery, buying houses and apartments in East London is proving fashionable again. More homebuyers and property investors are looking to invest in the East London property market, where in just two years time the 2012 Olympic Games will get underway. The transformation of East London is well and truly under way. In addition to the progress being made on the sports venues and games facilities, developers are building a number of new houses and East London apartments. Meanwhile, various transport infrastructural improvements are making good progress. Make no mistake, the East London property market is currently one of the UK’s top property hotspots. Yet the supply of East London properties is still falling short of growing demand, due to the fact that more people are looking for houses and apartments in East London to buy. With most East London property developers reporting a high volume of forward sales, often before ground has even broken on new build homes, house builders are competing for more land upon which to build more East London properties, particularly apartments. The lack of East London properties – both houses and apartments – along with increasing property prices is a cause for concern for many people, as they are being priced out of the East London property market. Two-thirds of parents with children living at home believe their offspring will not be able to afford to live locally when they leave home, due to the property shortage and high residential prices, according to a new report by the Chartered Institute of Housing. Stewart Baseley of the Home Builders Federation, said: “House building is vital to the economy. We already have a housing shortage [nationwide] approaching a million and are building less than any time since 1923.” The recent Emergency Budget announcement by the Coalition government is unlikely to do much to increase the supply of East London properties – neither houses nor apartments – after the Chancellor George Osborne unveiled the largest package of tax increases and spending cuts in a generation.
The National Housing Federation (NHF) estimates that the housing budget could be cut by up to 32 per cent over four years. The new build homes sector plays a big part in the East London property market today, ensuring that more people are housed and are able to get a foot on the housing ladder. But the well documented shortage of East London properties is increasing property prices in the region, which are now nearing the 2007 peak. This means that houses and apartments in East London also constitute rather shrewd property investments. But besides buying houses and apartments in East London at the right time, people need to buy in the right location from developers with a good track record. East London properties – Highlights Berkeley Homes is currently building 250 new East London apartments in an appealing waterside development called Caspian Wharf located at Limehouse Cut. Additional penthouse apartments offer views of the Olympic Park to the North. Prices range from £172,500 to £1.1 million.
In Stratford itself, Thornsett Group's eye-catching contemporary design of its luxury Lett Road housing scheme makes it one of the more unique East London property developments. Purchasers have a choice of apartments with one, two and three bedrooms as well as three penthouses at the top of the 12-storey block. Property prices here start from £185,000.
Paradise Park, a two-acre site built around the former Paradise Dock, is being built by Vision Homes. The development offers a selection of East London apartments, including 77 private apartments, 55 social apartments, around 10,000 square feet of office buildings and an underground car park.
All the new East London apartments at Paradise Park will conform to the London Plan’s demands for 20 per cent renewable energy, and will incorporate a centralised heating system, green roofs, and a large area of solar photovoltaic panels. Elsewhere, Genesis Homes is currently offering 78 one-and two-bedroom East London properties at their Fairfield Quarter development just a few minutes from Bow Church station. Built in five separate residential blocks, the scheme features some of the most affordable East London apartments, with 25 per cent home share costing from £41,000. When buying houses or apartments in East London, always ensure that you stay informed with all market trends by continuously analysing and researching the East London property market sector, as this will simplify the process of buying property in East London. - Author Calvin Jesse View Source: Paradise Park – New Homes Development – East London Properties