The regenration of East London
Written by JDPGlobal | Sunday, 17 July 2005
A dramatic increase in the demand for properties has been forecasted for the regions of London that will be affected by the proposed regeneration and development schemes for the London 2012 Games.
Inevitably the regeneration of the areas in which the games will take place will boost property prices, rental rates and commercial rates. Along with the construction of new Olympic facilities there will also be house building schemes.
Historically, hosting an Olympic games encourages city regeneration and is often complimented with an improvement in transport links. Such factors in most cases than not, tend to be positive for house prices. Homeowners in Hackney and Stratford, (the areas up for regeneration) could potentially reap the largest surge in prices. There are exceptions, (like Atlanta, USA) but in the past the Olympic host cities benefit from regeneration schemes and property prices have seen positive effects. Barcelona for example has seen prices rise by 125 percent from the announcement of the games to the actual starting date which was then in 1992.
The Thames estuary is a particularly well welcomed addition that is set to be re-generated. The scale of construction might put a strain on local resources but inevitably these should be ironed out in the early stages.