Property Firms Take a Big Bet on Olympic Effect; the Last in Our Series Looking at Business and the 2012 Games; OLYMPICS ANALYSIS

The Evening Standard (London, England), April 9, 2010 | Go to article overview

Property Firms Take a Big Bet on Olympic Effect; the Last in Our Series Looking at Business and the 2012 Games; OLYMPICS ANALYSIS


Byline: Hugo Duncan

THE 2012 Olympic Games promised to herald a housing boom in East London. That was before the financial crisis and property crash choked off investment and sent developers running.

So, with 840 days until the Games begin, can the Olympics deliver the lasting legacy the region needs? Regeneration is certainly taking place at the Olympic site in Stratford and beyond and property hotspots are appearing.

Figures from building society Nationwide show that house prices in Hackney have risen 129% in the past 10 years, in Waltham Forest 131%, Tower Hamlets 137% and Newham 151%.

Growth in these four boroughs -- which border the Olympic Park -- was faster than anywhere else in London over the last decade.

Much of it came in the first half of the decade, meaning it occurred before London was chosen to host the 2012 Games. With two years to go before the flame arrives, it has been a mixed start to 2010. In the first three months of the year, house prices were 2% down in Hackney and only 6% up in Newham, compared with growth of 15.7% for London as a whole. In Tower Hamlets prices were up 16% and in Waltham Forest 18%. "The challenge ahead will be attracting buyers from outside the local market to new schemes in Stratford, and establishing the area as one where higher-income households can relocate to," says Marcus Dixon, of estate agent Savills.

The process has already started, thanks in no small part to the transport network which includes two Tube lines, overland rail, the Docklands Light Railway and City Airport. The Eurostar and Crossrail will eventually pass through Stratford, connecting it directly with Heathrow and the continent.

Westfield Stratford City, Europe's largest shopping centre, opens next year and has already attracted stores such as Marks & Spencer and John Lewis.

Cate Dodkin of Foxtons says: "People from the West End of London usually get a nosebleed if you take them farther east than Holborn, but now they are coming out here and are impressed -- and they are buying, as are buyers from Europe and China. Canary Wharf used to be a lone tower in a wasteland in the Nineties and now the area is thriving. The same will happen with Stratford."

John Kennedy of Knight Frank adds: "Over half of our enquiries are coming from Chinese investors who have experienced first hand the Olympic effect in Beijing."

Prices in Stratford are still a third lower than in Greater London as a whole and one-bed flats start at around [pounds sterling]185,000 -- down 20% from their peak. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Property Firms Take a Big Bet on Olympic Effect; the Last in Our Series Looking at Business and the 2012 Games; OLYMPICS ANALYSIS
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.