LONDON PROPERTY PRICES: Newham

• Newham has the lowest average salary and one of the lowest house prices in London. It was meant to be a key beneficiary of the redevelopment plans for the London Olympics. Stratford, in Newham, was the direct recipient of £17 billion worth of transport links installed ahead of the games.

• The long-term vision includes two new schools, 8,000 new homes, 1.9 million sq ft of retail and entertainment areas, 22 miles of cycle and footpaths, nine miles of new roads and four miles of waterway and five world-class sporting venues.

• Some of the Olympic legacy venues have begun to be used. In early 2014, residents started to move into East Village that housed athletes, a new scheme purpose-designed for renters. Get Living London, the Delancy / Qatari Dair joint-venture that manages East Village, offers clients a range of tenancy lengths and rents that include broadband, Sky and furniture packages.

• East Village is achieving rentals around 35% higher than the second-hand stock in the area. This reflects the superior product, as well as the bespoke rental packages, giving tenants a hassle-free, safe and secure home. The scheme has attracted a range of young professionals, including singles, couples and young families.
   
• East Village has attracted a new demographic of “aspiring homemakers” into the area. They are being seen as a kind of proof of concept that developers can create an entirely new destination and attract home-makers from completely different parts of London. This example of “placemaking” might encourage developers looking to carve out a more prospective location from the existing character of a locality.

source: London living: A borough by borough showcase by CBRE

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