With property prices in London rising 9.2% in 12 months, we show you how to pick up a luxury home in an area primed for significant growth…
A war of words waged on social media over a sign saying Sorry, No Poor People that appeared outside a coffee shop in Shoreditch was a storm in a teacup, according to east London estate agents.
A spokesman for Peach Properties, which is based in a former Victorian men’s public toilet in Bethnal Green Road and will soon open a second office in nearby Bow, says the sandwich board outside Goswell Road Coffee in Shoreditch is a sign of the times.
The social media storm erupted after a picture of the sign – which was put up by pranksters – was posted on Facebook and Twitter.
Coffee shop owner Adrian Jones claims it was put up by anti-gentrification protesters, but Kiko Loiacono – who arrived in London from Italy – came under fire for failing to get to grips with British humour.
In fact, the Daily Mail reported that comments underneath Kiko’s original post became increasingly stooped in irony.
With average property values in Shoreditch now more than £750,000, and houses in the area costing over £1.4m, this part of east London has shrugged off the down-at-heel image given to it by the nursery rhyme Oranges and Lemons, which includes the lines: “When will you pay me? say the bells of Old Bailey. When I grow rich, say the bells of Shoreditch.”
And with the Land Registry reporting that sold property prices in London jumped 9.6% in the 12 months to September 2015, protests about the changing face of Shoreditch will not reduce the price of homes there.
And one area attracting more and more attention is the site of the 2012 Olympic Games. Stratford City, which includes Westfield shopping centre, is the biggest retail-led mixed-use regeneration project ever undertaken in the UK. Over £9bn of public money has already been pumped into the area and the 500-acre Queen Elizabeth Olympic Park is the largest recreational space to be created in Europe for 150 years.
Stratford is attracting the attention of developers, with the most ambitious scheme being a double-cantilevered tower that is being built next to Stratford Station. When complete in 2016, the 42-storey residential landmark will contain 248 apartments, a hotel, restaurants and a spa.
The luxury development, which is the brainchild of Manhattan Loft Corporation CEO Harry Handelsman, will share the new-look east London skyline with the Capital Towers development that will deliver 191 one, two, three and three-bed duplex apartments offering views across Canary Wharf and the City.
The regeneration of the area continues with Stratford Central, a 31-storey residential development of 157 one, two and three-bedroom apartments and penthouses.
“Stratford is an area of London that luxury property investors should now be exploring,” says Nelly Berova, of residential specialist Intero Investments. “We have just started to recommend a select number of exclusive developments in the area to members of our property investment service.
“Stratford has yet to reach its full potential so the best luxury properties will not only deliver enviable gains in value but also good yields.”
That view is based on the fact the best is yet to come. Stratford already has excellent transport links that will be improved further when Crossrail – the most significant infrastructure project in London in nearly two decades – opens in 2018 and reduces journey times to the West End to 13 minutes and enables international travellers to reach Heathrow Airport in just 42 minutes.
As Stratford grows into a business and residential district, its potential rivals that of Canary Wharf where, in the mid-1980s, two-bedroom flats sold for an average of £40,000. Some now command rents in excess of £3000 a month.