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House prices in areas around Stratford double since 2012

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And why not? After all, those owners paid for the Olympic Park personally through their own private funds so that tax payers could enjoy the Olympics for free. It is only right that they receive a tax free windfall worth hundreds of thousands of pounds each.

 

House prices in areas around Stratford double since 2012

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HOUSE prices in East London have doubled since 2012 – more than three times faster than the UK average, new research shows.

The property value of 14 areas closest to the Olympic Park in Stratford have risen 64 per cent since the end of 2012 Games, according to Halifax’s First-Time Buyer Review.

This is equivalent to a growth of a staggering £184,004 or a monthly rise of £4,279, during September 2012 to April 2017.

Walthamstow saw the fastest increase in five years – with average house prices shooting up from £238,348 to £479,421.

Five other East London areas have seen price rises of over £200,000 – they include Homerton, Clapton, Shoreditch, Dalston and Leyton.

Since September 2012, the average price in the capital has grown by 38 per cent to an average price of £584,190.

Nationally, property values grew on average by 19 per cent over the same period – from £234,985 to £280,148.

Since the capital won the bid to host the 2012 Games in 2005, areas closest to the London Stadium have recorded price growth in excess of £300,000.

The bid welcomed major regeneration to boost areas in the East End with large scale infrastructure investment in the existing tube networks and an international rail station – improving the way people to move around the capital.

Crossrail – which aims to better connect London with south-east England – has already created jobs in the area and has had a positive effect on local house prices.

This has benefited homeowners in these areas as well as increased interest from first-time buyers and investors alike.

Martin Ellis, Housing Economist at Halifax, said: “Not only has this area been reinvigorated as a community, but average property price growth in this part of East London has raced ahead of England, Wales and even Greater London as a result.”

It comes as figures released last month showed the average deposit on first-time homes in London hit more than £100,000 last year.

A report by Halifax’s First-Time Buyer Review revealed the average first-time deposit has doubled over the last decade, while London prices have quadrupled during the same time.

First-time buyers have been forced to consider new ways of getting onto the property ladder in recent years, with nearly one in four of them say it took them between five and ten years to save up enough for a house deposit.

Nearly half of first-time buyers now rely on cash from their parents to help them become homeowners – an alarming trend in Britain’s spiralling housing crisis.

 

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That graphic feels like we* are being buttered up for some sort of LVT. Is it just me or does the article give the impression that it wants its readers to feel envious of those benefitting from public spending? 

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They're still all horrible areas, though.  Probably just caught up with the general London HPI that they missed out on when the nicer bits went mad.

Those areas are still regarded as cheap to buy in when comparing like for like with anywhere else in London.  Rubbish strewn high streets, full of chicken shops and bookies is all you get - plus crime.

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6 hours ago, adarmo said:

Anyone living in East Ham can keep their HPI gains with my blessing. It'll be a cold day in hell before I ever go back there. 

I havent been there in a long time , i used to live in Beckton attending UEL. Most names on that map were slums when i lived in london circa 2002 , its hard to believe they are gentrified. Particularly Leytonstone where a friend was robbed in her own home at gunpoint and a girl in my class at uni was raped and murdered.

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1 hour ago, regprentice said:

I havent been there in a long time , i used to live in Beckton attending UEL. Most names on that map were slums when i lived in london circa 2002 , its hard to believe they are gentrified. Particularly Leytonstone where a friend was robbed in her own home at gunpoint and a girl in my class at uni was raped and murdered.

 I found it interesting but it was genuinely like walking through a shanty town in Bangladesh. 

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OP here. I agree with comments about them being sh*t holes. I used to live in Stratford about 15 years ago too, so I know it and Leyton etc.. The most awful, depressing dumps and I have not been back since. But London on average has gone up 38% since September 2012 according to the article. Shows exactly why there should be a land tax. The article is not "prepping" people for it though. It talks about how " Crossrail...has had a positive effect on local house prices". A positive effect.

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The area also accounts for one third of the acid attacks in the UK annually.

i don't care what the prices may suggest - but it's still a dump and you couldn't pay me to live anywhere in Newham.

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13 hours ago, regprentice said:

I havent been there in a long time , i used to live in Beckton attending UEL. Most names on that map were slums when i lived in london circa 2002 , its hard to believe they are gentrified. Particularly Leytonstone where a friend was robbed in her own home at gunpoint and a girl in my class at uni was raped and murdered.

i looked at buying in Leytonstone a few years ago - and wish I had now of course. Its improved massively in that time, and had started gentrifying long before I started exploring the area. Its not the same type of area it was only 5 years ago - lots of cafes and bars replacing pound shops and cheap pasty emporiums.

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13 hours ago, regprentice said:

Beckton

Ah Beckton. Gangsters, Prisoners, Armed robbers. A Fireman who must have seen something nasty. Interesting stuff.

http://www.newhamrecorder.co.uk/news/politics/major-concerns-prompt-warning-for-beckton-hospital-1-870442

http://ssristories.net/archive/indexb6a1.html?sort=date&p=

https://www.ncbi.nlm.nih.gov/pubmed/11235925

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