With the East London property market on the road to recovery, buying houses and apartments in East London is proving fashionable again.
More home buyers 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 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 Hackney London property market is currently one of the UK’s top property hot spots.
Yet the supply of Hackney London properties is still falling short of growing demand, due to the fact that more people are looking for houses and apartments in 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.