Hackney Property Market: High Demand for Homes in Hackney

The Hackney property market is reaping the benefits from the progress made on the London 2012 Olympic Games' legacy over the past year. Whether it is house hunting for a house or flat in Hackney, homebuyer demand for Hackney homes is at an historic high.

London 2012, which has been billed as the regeneration Games, is having an enormously positive impact on the Hackney property market, with the area being transformed dramatically.

Since it was awarded the Olympics five years ago, various promises have been made about how the Games will transform the lives of east Londoners, and those who own homes in Hackney and its surrounding areas.

Many new home developers have moved into the Hackney property market in order to build more new and improved homes in Hackney, with housing output reflecting the fact that most homebuyers want to buy a flat in Hackney – largely due to price constraints.

Hackney homes have appreciated at a rapid pace in the past 18 months. Across Hackney, property prices have improved.

Yet, prime Hackney property prices remain among the cheapest in London, which appeals to many homebuyers, particularly first-time buyers seeking to get a foot onto the housing ladder.

Hackney homes, mainly flats, appeal to first-time buyers, because many Hackney properties fall under the stamp duty threshold of £250,000 – a saving of up to £2,500 (one per cent of the purchase price).

In fact, Hackney is the cheapest borough for prime real estate in London, suggesting plenty of room for growth.

In recent weeks more Hackney property owners have rushed to join the market (17.5 per cent more Hackney homes on the market in the past month) in an attempt to cash in on further anticipated price rises in the Hackney homes market following the relaunch of the East London Overground line, among other improvements in the area.

Nevertheless, there is still an imbalance between the supply and demand of homes in Hackney, as far as both houses and flats in Hackney are concerned.

Consequently, more new home developers have started construction work on a number of new homes in Hackney in response to an increase in Hackney property sales enquiries.
Hackney Homes on the Market

Berkeley Homes has started building work on Woodberry Park - City Waterside. The first block to be released on this waterside development provides a mix of 1, 2 and 3 bedroom hackney flats and penthouses, with prices starting from £239,950.

Part of one of the largest regeneration projects in the UK, each new Hackney flat, certainly as far as this Hackney property development is concerned, has been carefully considered to ensure that each benefits from their own outside space along with a high specification throughout.

Circle Anglia has launched a selection of two bedroom homes in Hackney on Kenninghall Road. Each Hackney flat has been redecorated throughout. They are conveniently located for Rectory Road and Clapton Rail Stations. Local amenities are just a short walk way. Each Hackney flat offers spacious living quarters. These Hackney properties are on the market for £250,000.

Elsewhere, Vision Homes has launched a Hackney property development called Paradise Park – a riverside scheme featuring a selection of exclusive 1, 2 & 3 bedroom Hackney homes, located near Clapton station. The scheme also consists of additional social housing, around 10,000 square feet of office buildings and an underground car park.

These stylish Hackney flats are surrounded by parkland and run alongside the River Lea, making them ideal for a wide range of people seeking to buy a home in Hackney. These Hackney properties start from £189,950.

Meanwhile, Taylor Wimpey is building Amhurst Corner, one of the finest Hackney property developments of spacious 1, 2, 3 and 4 bedroom flats Hackney has to offer and close to Stoke Newington.

These Hackney homes have a superb specification including a built-in single oven, hob and cooker hood, plus a freestanding fridge/freezer, white downlighters to specific rooms, gas heating and heated chrome towel rails. Prices in this striking development start from £199,950.

With a wide range of homes in Hackney to choose from, house hunting in the Hackney property market is not for the fainthearted.

- Author Calvin Jesse

View Source: Paradise Park – New Homes Development – Homes Hackney

East London Properties: New houses & apartments prove popular

With the East London property market on the road to recovery, buying houses and apartments in East London is proving fashionable again.

More homebuyers 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 East 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 East London property market is currently one of the UK’s top property hotspots.

Yet the supply of East London properties is still falling short of growing demand, due to the fact that more people are looking for houses and apartments in East 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.

The new build homes sector plays a big part in the East London property market today, ensuring that more people are housed and are able to get a foot on the housing ladder.
But the well documented shortage of East London properties is increasing property prices in the region, which are now nearing the 2007 peak. This means that houses and apartments in East London also constitute rather shrewd property investments.

But besides buying houses and apartments in East London at the right time, people need to buy in the right location from developers with a good track record.


East London properties – Highlights

Berkeley Homes is currently building 250 new East London apartments in an appealing waterside development called Caspian Wharf located at Limehouse Cut. Additional penthouse apartments offer views of the Olympic Park to the North. Prices range from £172,500 to £1.1 million.

In Stratford itself, Thornsett Group's eye-catching contemporary design of its luxury Lett Road housing scheme makes it one of the more unique East London property developments. Purchasers have a choice of apartments with one, two and three bedrooms as well as three penthouses at the top of the 12-storey block. Property prices here start from £185,000.

Paradise Park, a two-acre site built around the former Paradise Dock, is being built by Vision Homes. The development offers a selection of East London apartments, including 77 private apartments, 55 social apartments, around 10,000 square feet of office buildings and an underground car park.

All the new East London apartments at Paradise Park will 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 photovoltaic panels.

Elsewhere, Genesis Homes is currently offering 78 one-and two-bedroom East London properties at their Fairfield Quarter development just a few minutes from Bow Church station. Built in five separate residential blocks, the scheme features some of the most affordable East London apartments, with 25 per cent home share costing from £41,000.

When buying houses or apartments in East London, always ensure that you stay informed with all market trends by continuously analysing and researching the East London property market sector, as this will simplify the process of buying property in East London.

- Author Calvin Jesse

View Source: Paradise Park – New Homes Development – East London Apartments