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The Olympic effect on property prices

Alex Johnson

8e12799e803e6c0c7eca8b67ce421834a039117d 300x199 The Olympic effect on property pricesAn interesting blog by Lucian Cook at Savills suggests that, a year on, “the Olympics have yet to have a significant area-wide impact on the housing markets of East London”. He points out that although transactions have been “more robust” very close to the park, these areas have not experienced the same level of price growth since 2007 as areas a bit further out and that actually it has been the more expensive markets that have benefitted most from Olympic related gentrification. Areas which have done especially well are  Kings Park, Victoria Park, Dalston and Stoke Newington, while at West Ham or Plaistow “there is little or any discernible evidence of an improvement”.

First time buyers figures jump still higher
The number of first time buyers in the first six months of 2013 was 19% higher than in the same period last year, according to Halifax. There were an estimated 120,000 first time buyers during January-June 2013, up from 101,000 in the first six months of 2012, making it the highest total for the first six months of the year since 2007.

First time buyers also increased their share of the home purchase market from 40% in the first half of 2012 to 44% in the same period this year, the highest proportion since 2000.

Craig McKinlay, Mortgages Director at Halifax, said: “The increased availability and reduced pricing of higher loan-to-value mortgages introduced over the past year or so have clearly contributed to the number of first time buyers rising to a six year high. Government schemes, such as New Buy and Help to Buy, are also enabling more first-time buyers to enter the market. The significant increase in first-time buyers is encouraging, although the number of those buying their first home still remains low by recent historical standards.”

Parking space in London for just £300,000…
Kay & Co estate agent’s Hyde Park office has been instructed on a leasehold parking space in Hyde Park Gardens, now on the market with a 91 year lease for £300,000. Matthew Abernethy, Associate director at Kay & Co said: “Parking in this part of prime central London is always scarce and the fact that people will pay more than the price of a small flat for the privilege of their own parking space is indicative of the desirability of having parking in Westminster. We anticipate that the space will attract interest from local residents eager to secure parking close by.”

My dream home must have…
According to a survey from BLP Insurance, a luxury kitchen is the key feature UK homeowners would include if they were building their dream home. More than 40% picked it over a big garden (27%), indoor swimming pool (12%) and a walk-in wardrobe (5%).

Pictured above is a two bedroom terraced house in Gransden Avenue, Dalston, on for £700,000 with urbanspaces.

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