First time buyers 'attracted to East London'

14-Sep-2007

First time buyers who cannot afford to live in the centre of London will help fuel the rise in prosperity already being seen in East London due to the forthcoming arrival of the Olympics, one estate agency has said.

With new build properties and improved facilities already being constructed in the area, the arrival of first time buyers will serve to further increase property prices, according to Ludlow Thompson.

Improved transport links are also set to encourage more prospective homeowners to move into the area, the firm added.

"Your first, second time buyer, professional City worker is being forced out into these areas because they're a little but more affordable but also on the tube – Walthamstow's fantastic, zone three on the Victoria Line," commented Ludlow Thompson sales manager Natalie Churchman.

"There's lots of new developments brought on by the Olympic bid; modern houses being built. I think once these have actually gone up… [prices] will continue to rise because the value of a brand new build always commands a premium."

"These attract the type of buyer that wants convenience, easy living, a brand new build with a ten-year guarantee from the builder," added Ms Churchman.

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