East End property boom sees Hackney house prices rise 800 per cent in under 30 years

04/09/2014
The old warehouses and neglected terraces of the East End have risen in value more than properties in any other area of the capital during the housing boom, a survey has found.
Since 1987 the total value of homes in previously undesirable Hackney has risen by 864 per cent, with Tower Hamlets and Southwark also beating Kensington & Chelsea and Westminster — at 661 per cent — according to estate agent Stirling Ackroyd.
Over the same period the value of all property across Greater London rose by 453 per cent. One two-bed converted warehouse flat off Shoreditch High Street, which sold for £60,000 in 1998, fetched £836,000 when sold this summer — a 1,295 per cent increase.

Stirling Ackroyd found London is now home to 35 per cent of Britain’s total property by value, with homes in Hackney, Tower Hamlets and Southwark worth more than all of those in Wales.Managing director Andrew Bridges said: “Now, across London, the city of old has gone the way of the bowler hat — and our capital has developed a buzz from its under-loved corners.”
Research suggests the total value of property in London is expected to top £2trillion by 2017. Residential property in Hackney is predicted to be valued at £80billion and Kensington & Chelsea’s stock at £138billion.
Mr Bridges added: “Old hotspots like Kensington or Westminster remain enormously valuable. But now London is looking east. As the capital’s economic and cultural heart grows outwards and eastwards, the city fringes are demonstrating the greatest dynamism.”

  The estate agent attributes the East End housing market’s success to a relaxation of planning regulations in 1987. Industrial buildings were allowed to be converted into homes, triggering a flurry of conversions.
Tower Hamlets now has 85 per cent more homes, Newham 44 per cent and Hackney 41 per cent than in 1987, according to research.
In May 2013, in an effort to increase the number of available homes across the country, the government relaxed the rules further, allowing empty offices to be converted into homes without needing full planning permission.

 
Mr Bridges said: “Today’s best opportunities exist because of an intricate pattern of new working and living spaces, which only a flexible approach to property uses can allow.  Development sites still exist in great numbers around the City of London, and  are allowing a growing stock of all types of property.

“What matters most for successful neighbourhoods is a willingness to grasp new opportunities.  Investment in infrastructure is needed along the way, as we’ve seen with the DLR and the London Overground. But above all, planning rules that embrace change have been the biggest factor in the creation of new ideas and new wealth.”
Elsewhere, Islington  saw a 660 per cent rise in property value since 1987, followed by Lambeth (642 per cent), Hammersmith & Fulham (590 per cent) and Wandsworth (574 per cent).

By:http://www.standard.co.uk/news/london/east-end-property-boom-outstripped-chelsea-and-westminster-since-1987-survey-finds-9710564.html

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