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London’s Real Estate Opportunities Lie In The East End

by Marquette Turner Luxury Homes

in commercial real estate, Real Estate Radar, Variety

Tech city which comprises of City Fringe and part of East London has grown incredibly over the past few years to rank as the 3rd largest tech startup cluster in the world. With global giants such as Amazon and Linkedin relocating to this region, the term startup will soon be considered an understatement. Amazon takes up over 500,000 square feet of space in Shoreditch while LinkedIn occupies about 83,000 square feet in Farringdon. Such progress has made the area popular while attracting the tech-focused population, thereby creating an impact in the real estate industry. Consequently, the housing market demand has been consistently high with many preferring to relocate here for its central location, leisure activities, and work.

Buyer demand

With the notable growth in London’s TMT sector, prospects look to purchase or rent homes with higher levels of finishes and specifications. Buyers seem to balance their home environments, work, and social places. With a motive to enjoy flexible working, they mainly seek houses with superfast connectivity, which is also the base for smart homes. As such, amenities like game rooms, libraries, and lounges are becoming popular by the day. Additionally, schemes such as Long and Waterson in Shoreditch are installing super-fast fibre optic broadband to meet this demand.

To fulfil their dream, both local and international buyers are looking for reliable lending companies. To fill this gap, notable property lenders have set up branches in the area, offering many services, including reverse mortgage which are useful for those who want funding to buy their next home or seeking equity release to supplement their income.

London

Developers’ focus

The interest of developers has been irregularly shifting for the better part of the decade in the East part of town. However, in 5 years, schemes with higher specifications, design, and hotel amenities have sprouted to match what was previously seen on the western side of the city. Farringdon has been doing exemplary well in the London market since the 2008 approval of the Elizabeth Crossrail. The station’s surroundings, particularly within a 10-minute- walk radius, has experienced an outperformance of 34% to its property prices. This, together with wanting housing delivery in Midcity, is failing to keep up with the official projection house need in the boroughs. While the estimated number of annual need stands at 5766, 3231 residential homes were delivered during the 2016-17 period. Therefore, the real estate market here is one to watch for quality residential and commercial properties.

Having enjoyed 32% growth in the last 5 years, Tech city and the wider Shoreditch areas are now part of the prime Central London market. Demand for quality housing is being met by commercial and residential projects sprouting up in the boroughs, attempting to hit a balance which is yet to be achieved. As you seek to develop or sell, understand that buyers are looking for flexible designs, preferring a space that is adaptable to match their lifestyle, which revolves around work and entertainment.

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