More than 6,000 new homes built over the last three years in East London, however, the demand for London real estate market is still outstripping supply and prices continue to rise.
So, in the famous East business financial centre Canary Wharf was put into operation more than 2,900 units of housing between 2015 and 2017, 52% of all housing in Tower Hamlets, approximately 1,800 objects were commissioned in the Royal Docks area, and approximately 1300 in Olympic Park, which is 87% of all new housing in Newham.
Meanwhile, a new report by Knight Frank, stresses that population growth in East London is increasing much more rapidly. The population in the area of Newham increased from 2014 to 20000, and in Tower Hamlets – 25000.
The imbalance of population growth and the supply of new housing has led to higher prices in East London for the period from 2014. by 2017. – 12% in Canary Wharf, 26% in Royal Docks and 32% in the Olympic Park. This growth occurred against the background of falling prices for property in Central London is 5.7%. The average price in greater London increased over the same period by 17%, a considerable contribution to the growing pricing has made East London. Another indicator of steady growth in property prices in London more than 123% increase in the number of real estate offers more £1 million in 2016 compared with 2012 on the market.
The rapid development of East London will receive even greater benefits in 2018 – 2019 with the launch of high speed rail, Crossrail, which will significantly reduce the journey time between any parts of London.
® Helen Entree. 15.12.2017 G.
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