Buy in Strat­ford un­der £100k

Shared own­er­ship gets you in at the start of the ‘old town’ re­vamp. By Ruth Bloom­field

London Evening Standard (West End Final B) - ES Homes and Property - - First-time Buyers -

FIVE years af­ter the Lon­don Olympics, the re­ju­ve­na­tion of Strat­ford is still in the fast lane. Cross­rail ser­vices will soon launch from Strat­ford, plan­ning per­mis­sion for two more huge hous­ing schemes at the for­mer Olympic Park has been granted, and plans for Olympi­copo­lis, a new cul­tural quar­ter, are well un­der way.

The area’s suc­cess means prop­erty prices have surged from an av­er­age £227,000 at the start of 2012 to £369,000 to­day, ac­cord­ing to Right­move — lock­ing out many first­time buy­ers. But at Strat­ford High Street, a new de­vel­op­ment which is, as the name sug­gests, lo­cated in Strat­ford High Street, new buy­ers can pick up a share in a home of their own for less than £100,000.

Hous­ing as­so­ci­a­tion Fam­ily Mo­saic is of­fer­ing one- and two-bed­room flats with bal­conies in this low-rise build­ing half a mile from Strat­ford sta­tion, 15 min­utes’ walk from the shops and eater­ies of West­field Strat­ford City, and a short walk along the Water­works River and into the Queen El­iz­a­beth Olympic Park. Some of the homes have di­rect views of the Olympic sta­dium.

Prices start at £97,500 for a 30 per cent share of a one-bed­room flat with a full-market value of £375,000. A 30 per cent share of a two-bed­room flat will cost £130,500.

BEST LO­CAL VALUE

The Achilles’ heel of this scheme is its lo­ca­tion, on a dual car­riage­way of end­lessly roar­ing traf­fic. While “new” Strat­ford — the Olympic Park and its im­me­di­ate sur­rounds — has been care­fully mas­ter­planned as a model 21st-cen­tury suburb, the High Street is in “old” Strat­ford, run down, pol­luted and un­friendly to cyclists and pedes­tri­ans.

How­ever, Ne­wham coun­cil will this year ditch the one-way sys­tem, cre­ate new cy­cle paths and im­prove pedes­trian crossings. It will also do up the area around Merid­ian Square and The­atre Square with bet­ter land­scap­ing and pave­ments. And homes along the High Street have one big ad­van­tage. “Homes in the E15 post­code are much, much cheaper than those in the new E20 post­code,” says Fox­tons man­ager Si­mon Hart. “At the mo­ment the buzz is all about E20, the new area ev­ery­one wants to be in. But homes in E15 are 10 to 15 per cent cheaper, even though the flats them­selves are very sim­i­lar and are ac­tu­ally nearer the sta­tion than some of the homes be­ing built on the park.”

WEST­FIELD’S AT HAND

While new build­ings on the park are sur­rounded by care­fully land­scaped open space, with show-stop­ping views of the Olympic are­nas, traf­fic­clogged Strat­ford High Street, with its prox­im­ity to West­field, means it is never go­ing to be a “proper” high street in the tra­di­tional sense, lined with shops and restau­rants.

“There is not a lot there,” Hart admits. “Although there are a cou­ple of su­per­mar­kets and I know a few restau­rants are go­ing to be open­ing. But that is the com­pro­mise.”

Visit fam­i­ly­mo­saic­sales.co.uk

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.