Spotlight on Stratford


 

 

Stratford is becoming the centre of the east end with the upcoming Olympics and the new Westfields shopping centre drawing in professional buyers.

 

In the 19th century Stratford was one of the great industrial areas of London, employing tens of thousands in its railways works. The area has been in slow decline since the 1960s, until its fortunes was revived by government regeneration and the hosting of the 2012 games. Westfields has recently opened Europe’s largest shopping mall in the centre of Stratford, a stones throw away from the Olympic village, drawing

 

The skyline of Stratford is rapidly transforming into a glitzy modern suburb, with over 4800 homes being built on the back of the Olympics. Around 2800 homes will be available in the Olympics Village after the 2012 games and a further 2000 being built by developers in the surrounding areas. The great majority of the new homes are apartments, with most developers focusing on 1-2 bedroom properties for city professionals. Despite the Olympic premium, prices at around 300k for a modern 2 bed flat are still cheaper than the city or even Canary Wharf. The area also has a stock of Victorian houses; these houses usually have 2-4 bedrooms (70-140sqm) and range in price from 200k to around 450k.

 

Stratford is now one of London’s most convenient locations in terms of transport. It is served by 2 underground lines, the DLR and many regional rail routes, providing speedy links to the centre of London (in around 20 min) as well as Kent and the surrounding counties. The completion of the Crossrail project is planned for 2018, this will provide a direct link from Stratford to Heathrow airport, as well as faster journey times into London city centre and the north.

 

GR Commentary:

Stratford has undergone a great transformation in recent years. The area is increasingly populated with relatively wealthy professional who commute to work in the city and the surrounding areas. The infrastructure and transport links has been extensively developed and area now is very much more attractive than 10 years ago.

 

The Olympic premium has started to kick in with new properties enjoying healthy gains. Older houses on the other hand have not risen in price as much and perhaps represent a better potential buy.