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 – where the main venues are under construction – has only seen prices increase by three per cent.