JLL has praised the Olympic legacy for its impact on the Stratford housing market, which is benefitting from an influx of first-time buyers.
The estate agency has become a key player in the Newham market and is involved in large developments including Stratosphere, Greenhouse Gardens and Stratford Central.
And with the draw of Westfield Stratford City and the area’s extensive selection of transport links, head of sales Bernard Cully said that young professionals were viewing the area as a place to live and bring up a family.
He said: “What has been most reassuring for us is that the Olympic legacy wasn’t just a statement but a realistic strategic movement put in place by the Government.
“This is the creation of a city within a city. We have seen an increase in demand in both the sales and rental markets.
“The young professionals and first-time buyers now see Stratford as not only a place to live but a place to bring up a family.”
The Stratosphere tower block will see 300 rooms created upon completion with homes ranging from around £450,000 to almost £900,000 and it is these modern-style flats that first time buyers are interested in.
Associate director at JLL in Stratford, Charlotte Russell, said that the range in prices was an example of the breadth in the market.
“There is a real mixture of properties available, certainly from a rental perspective, and the amount is only going to increase,” she said.
“But it’s not just necessarily residential growth. Everything is growing.”
And, according to Bernard, the regeneration is spreading to the east as other areas experience the fruits of the Olympic legacy , including Leyton.
The Leyton Central development has seen around two thirds of properties already taken and is not due for completion until October or November.
Bernard said: “It is just like Canary Wharf’s impact on the Isle of Dogs.
“We are reaching further east as we see the demand increase.”