The London East End is now the real hotspot for real estate markets due to several new projects and redevelopment initiatives. This is also one of the biggest hubs for technology start-ups as per reports and several global conglomerates like Amazon, Google and LinkedIn have also set up shop here. This has rubbed off positively on the residential real estate space in the London East End as well. LinkedIn has already set up its Farringdon headquarters across all of 83, 000 sq. ft. while Amazon has taken up 514, 000 sq. ft. at Shoreditch’s Principal Place.
Demand has been steady for homes in Shoreditch and Farringdon and people are looking to shift here for the connectivity advantages and multiple social amenities. Now, they have another incentive, i.e. the proliferation of employment opportunities in the entire belt. This has led to skyrocketing growth as far as new residential projects are concerned in this part of town.
In fact, real estate developers have been coming up with several projects in the East End over the last decade or so. There are several new projects that have come up here which offer premium amenities and services akin to star hotels along with contemporary and awe-inspiring designs. Ever since the approval of the Elizabeth line cross rail project, Farringdon has benefited tremendously with the areas near the station here witnessing increases of 34% in property prices. These are locations within a 10 minute radius of the station. Homes are also in demand across Camden, Islington and Westminster.
Around 3, 231 homes were delivered in the 2016-17 period while the estimated annual requirement for housing stood at 5, 766. As a result, supply is striving to keep up with burgeoning demand in the East End, something that will keep the real estate market ticking here for a long time to come. Real estate developers are now coming up with premier amenities and finishes in East London based on demand from customers.
Some of these lifestyle offerings including community games rooms, lounges, entertainment zones and libraries along with fitness facilities. Buyers also look for fast broadband among other features while buying homes in East London as per reports. Many buyers also prefer projects located near Shoreditch High Street and Old Street among other key commercial hubs. Tech City and Shoreditch are now considered part of the prime London central realty market with prices having increased by around 32% over the last 5 years or so.
