The East Village – E20 the new postcode which covers Newham’s Olympic Park – is as desirable as a residential location as Hammersmith, according to a new report.
The east of London is increasingly attractive for those looking to set up home in the capital, thanks to a combination of transport links, high-quality local facilities and quality of life, according to new research by the Centre for Economics and Business Research.
Cebr’s latest London Housing Fundamentals Index highlights contrasts areas that have high prices and what Cebr calls “faux desirability”, and those with desirability based on “solid practical criteria”.
The Cebr study – the second of its type – brings together data on property prices and living conditions to assess housing market fundamentals in a range of postcodes across the capital.
The think-tank’s first report pointed to the attractiveness of E20 in particular in the aftermath of the 2012 Olympic Games, but it says its latest study is more emphatic, highlighting the impact of Crossrail on accessibility to employment. It estimates that average property values in the new E20 postcode, for example, could hit £500 per square foot during 2013.
The Cebr Fundamentals Index of key London postcodes ranks East Village on an equal footing with Hammersmith, and above Shepherds Bush.
Cebr analyst Osman Ismail said: “The research conducted clearly shows that areas within the east of London offer a high standard of living. The Olympics gave the east a big boost, but it is the overall cost to liveability ratio of places like Stratford and E20 which is likely to entice more and more Londoners to head east.”