House prices grow £1,000 a month as East London becomes the centre of the action

Stretching from fashionable Shoreditch through the Hackney hinterland to the Docklands waterfront, east London has thousands more new homes in the pipeline that are appealing to home buyers and renters alike.
East Village
Penthouse living adds cachet to Stratford's new East Village, the capital's "newest neighbourhood"
* The £10 billion Olympic investment continues to create new neighbourhoods in addition to the East Village, with five more new districts to be built in the next 15 years, including Chobham Manor and Strand East

* More Londoners now live east of Blackfriars Bridge than in the west of the city

* A fresh wave of residential development is also underway at Canary Wharf, and Royal Docks. New developments include 20 Hoxton Square; Redchurch Lofts and Clerkenwell Quarter

East London has been scooping gold since its Olympic-bid success in 2005, with property prices jumping by £1,000 a month even today, says LloydsTSB analysis based on Land Registry Data.

It is hard to believe that an area so recently synonymous with slum housing, striking dockers and jellied eels has morphed into the most compelling corner of the capital.

Not so much a “district” as a big, and diverse sprawl stretching from fashionable Shoreditch through the Hackney hinterland to the terraces of West Ham United FC and the Docklands waterfront, with both raw and refined neighbourhoods appealing to homebuyers and renters attracted by the bright eastern lights.

Up to £10 billion of Olympics-inspired new infrastructure was bound to make a difference. Yet the full legacy benefits have still to be felt.

20 Hoxton Square
View sold house prices in Shoreditch
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Property values in Shoreditch

Helen and Andrew Bridges recently moved from Onslow Gardens, Kensington, to postcode EC1, buying a new two-bedroom flat with a terrace at a scheme called Clerkenwell Quarter. Prices from £485,000. Call 020 7749 3800.

The Hemingway in Victoria Park ROad
© Rebecca Reid
Smart pubs, like The Hemingway in Victoria Park Road, are helping to create a new village atmosphere in E9
“It’s close to Andrew’s broking office in Shoreditch so he can now walk to work,” says Helen, 47. “We’ve no regrets about moving to this side of London. We thought we might miss Harrods and Hyde Park but there’s so much happening here, with terrific energy on the streets — and great places to eat, one of our passions.”

Nick Davies of estate agent Stirling Ackroyd speaks of a “golden triangle” — formed by the City financial district, Canary Wharf and Stratford. Within this area lie the hotspots of Dalston, Homerton, Clapton, Bethnal Green and Bow.

Beyond Stratford: five more new neighbourhoods


There is a “concentrated focus of regeneration” in postcodes surrounding Stratford, with changes pushing out to Hackney Wick, West Ham and Leyton, according to property consultant Hamptons International.

The Olympic Park is the largest recreational space to be created in Europe for 150 years, while the land next door, which includes Westfield shopping mall, is a new commercial centre for east London — 184 acres, with 13.5 million sq ft of space. East Village has been unveiled as the capital’s “newest neighborhood”, with 2,818 homes and its own postcode, E20. Shared-ownership homes start at £67,500. Visit triathlonhomes.com.

Five more new neighbourhoods are being built during the next 15 years. Next up is Taylor Wimpey’s 800-home Chobham Manor and coming later is Strand East, a 26-acre waterside scheme with 1,200 homes developed by flatpack furniture chain Ikea. The regeneration agencies involved hope to attract locals and outsiders — affluent middle-class homebuyers as well as low-budget first-timers, plus singles, couples and families, all living together in this new eastern “Eden”.

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