The floodlights at the Olympic Stadium in Stratford, east London, were switched on for the first time in 2010, though the running tracks were not yet laid. The Aquatics Centre pools had been dug and were being tiled, while the Athletes’ Village was rising rapidly out of the ground.
A decade on, the 250 acres of landscaped parklands enjoyed by visitors to the 2012 Games are being replaced by new neighbourhoods including Chobham Farm, one of the post-Olympics developments that will together provide 24,000 new homes for London.
First-time buyers can get their hands on one of these homes for less than £100,000, or £150,000 for a family-sized flat, at a scheme being built on a site tucked behind the shops at Westfield Stratford City.
New Stratford Works (lqhomes.com/newstratfordworks) has just gone on sale and the location is super-convenient.
Within a 10-minute walk are Stratford International and Stratford stations for fast Zone 2 train links, while the monster Westfield mall has 300 shops plus 80 bars and restaurants, with quirkier options at East Village. A slightly longer walk is rewarded by the bars and restaurants of trendy Hackney Wick.
From £93,750: for 25 per cent of a one-bedroom flat through L&Q at New Stratford Works, part of the big Stratford makeover
There are world-class sports facilities, naturally, and as well as on-site open space the Queen Elizabeth Olympic Park itself is just to the west.
“The transformation of Stratford is a brilliant example of a well-thought through regeneration scheme, making Stratford a magnet for first-time buyers,” says Claire Brenlund, L&Q’s assistant director for sales.
“Naturally, the new infrastructure in Stratford has stimulated a rise in house prices, increasing by over 50 per cent compared to 2009, when the first regeneration plans were in construction. Our shared-ownership homes are designed to help first-time buyers have their own slice of the post-Olympics buzz, with purchasers able to get on the ladder with a markedly lower deposit than if they bought outright in the area.”
East Village, once 2012 Athletes’ Village, offers a lively mix of homes, restaurants, bars and shops (Charlie Ross)
How the costs stack up
Prices start at £93,750 for a 25 per cent share of a one-bedroom flat with a full value of £375,000. Buyers must have a deposit of £9,375 and monthly costs will be just under £1,159 including rent, service charge and mortgage repayments.
Two-bedroom flats start from £123,750 for a 25 per cent share. The minimum deposit is £12,375 and the monthly costs will be just over £1,400.
There are some three-bedroom apartments, too, priced from £150,000, also for a 25 per cent share. The minimum deposit for one of these properties is £15,000, and the monthly bills around £1,600.
The regeneration of Stratford is growing all the time. In three years, East Bank is scheduled to open with new outposts of Sadler’s Wells and the Victoria & Albert Museum, while there are plans afoot for the MSG Sphere, an extraordinary globe-shaped music venue almost the same size as the London Eye.