Landlords in the capital on the lookout for new properties, could well be advised to turn their attention to East London, according to a new survey.
Lloyds TSB say property prices in east London have soared since the announcement that the Olympic Games will be held there in 2012. On average, prices in the boroughs situated around the games venue have risen by 25%, with two boroughs, Homerton and Shoreditch seeing prices go up by more than 50%.
Conversely, the borough where the Olympic Stadium is situated, Stratford, has only seen a 3% rise. Some pundits see this as a golden opportunity for property investors willing to take a chance on extending their portfolios.
Suren Thiru, the housing economist at the bank said “Part of the rise is likely to be due to the increased interest in property in these locations from both buyers and investors as a result of the associated regeneration taking place. The picture however is mixed. Looking forward, property prices across East London are likely to receive a boost from the legacy of improved infrastructure and transport links left by the London 2012 Olympics.”
Despite the average price rise in the boroughs surrounding the venues hovering around 25% it is still lower than the London overall average of 36% since 2005.
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