East London properties ‘need improvement’ to maximise price boost

Those who own properties in the east of London may need to carry out some work to improve their interiors if they want to cash in on rising price in the area, an expert has said.

Speaking two years before the Olympic games takes place in the capital, franchisee of the Stratford office at estate agency Winkworth Richard Everitt said those who wanted to get a good price for their properties may need to invest in them first.

“You will probably find a lot of people thinking that they are on the gravy train and realistically their properties will not be of a high enough standard,” he noted.

Since the games were awarded to London in 2005, prices in the east of the city have risen by 26 per cent, a Lloyds TSB study revealed this week.

However, while Homerton saw prices rise by 69 per cent and Shoreditch by 53 per cent in that time, Stratford –

East London property ’set for Olympic boost’

East London will see its property prices rise faster than those in the rest of the capital in the near future, due to the Olympics, it has been predicted.

Speaking two years before the start date for the 2012 games, franchisee of the Stratford office at Winkworth Richard Everitt said new transport links and other factors will help increase demand for property in the area near the Olympic Park.

“We have got Westfield [Stratford City shopping centre] opening up in 2011 and that will be producing 18,000 jobs,” he noted, adding that the Olympics themselves and Crossrail will also help demand.

The best transport links in London after King’s Cross and the development of local brownfield site will help to push up values, he predicted.

Mr Everitt made his comments as new data showed that values have already risen substantially in much of the east of the capital since London was awarded the games in 2005.

Lloyds TSB revealed that