Monday, July 26, 2010

Flats in Hackney East London attract strong demand

Flats in Hackney East London, have been growing increasingly popular, ever since Stratford, located in East London, was awarded the rights to host the Olympic Games in 2012.

Houses and flats in Hackney and surrounding East London areas have long appealed to a wide range of buyers, from first-time buyers to families.

But over the past few years, a growing number of homebuyers, including property investors, have had one eye cast on the East London housing market, with a view to investing in houses and flats across East London.

Residential demand has been particularly strong among prospective entrepreneurs who have identified the big investment opportunities that houses and flats in East London potentially have to offer, thanks to the marked improvements currently being undertaken in places like Hackney, Stratford and the Docklands.

Housebuilders such as Fairview Homes, George Wimpey and Vision Homes have responded to greater demand for property in East London, by constructing more new flats in the East London area.

There are now a number of contemporary houses and flats either under construction or recently completed, including flats in Hackney, Stratford and Dalston. Most of these East London flats are available to buy or rent, while other flats have been made available for social housing.

Some of the most popular residential developments in East London featuring new flats and houses are Metro East, SoBow, Paradise Park, One Stratford and Icona.

One Stratford is a good example of a contemporary development of new East London flats which has proved popular with homebuyers. The new flats offer a well considered design, meet eco-standards and have a high quality finish.

Elsewhere in East London, Hackney flats are attracting particular attention from homebuyers. Flats in Hackney have been well-liked by many people due to the fact that Hackney is located within close proximity to Central London, via tube, and the new Olympic site in Stratford.

Paradise Park, a two-acre site built around the former Paradise Dock, has raised residential architecture to a new level, certainly as far as flats in Hackney are concerned.

The Hackey development project features 77 private flats, 55 social flats, around 10,000 square feet of office buildings and an underground car park.

The new Hackney flats will also 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 and photovoltaic panels.

Although a number of new houses and flats in East London have come onto the market in recent years, the general supply in Hackney, among some other East London areas, has failed to keep apace with demand.

Most houses and flats across East London, including flats in Hackney, have appreciated significantly in value over the past year or so, largely due to the shortage of houses and flats on the market.

This has made the prospect of investing in some East London flats a highly profitable venture, particularly as far as Hackney is concerned.

Nationwide's latest house price index reveals that average house and flat prices in this country increased by 10.5 per cent in April, compared to the corresponding month in 2009.

The greatest property price rises in the past year have been recorded in Prime Central London, along with some of the regeneration areas of East London. Yet, houses and flats in East London appear to offer sustainable room for future capital appreciation, largely due to an imbalance in the supply and demand for flats, especially in Hackney and its surrounding areas.

With the National Housing Federation projecting that under 123,000 new houses and flats will be built in England and Wales in 2009/10, the lowest level since 1923, those areas that attract the greatest residential demand, such as Hackney, along with the wider East London area, will inevitably achieve the greatest capital growth over the next few years.
(ArticlesBase SC #2781533)

Calvin Jesse - About the Author:
Calvin Jesse discusses the impact of East London flats among Londoners and interested market investors. With Hackney Flats being the hot favourite among localites.