'More modest property developments' underway in London
There has been a significant increase in the number of modestly priced property developments being carried out in the peripheral areas of London over recent years, it has been revealed.
Nigel Ellis, director at Prickett & Ellis, said central London remains tightly packed with homes and commercial properties that are extremely expensive, but in the outlying areas of the capital the projects that have been seen of late have tended to be on the smaller side.
He commented: "There has been [more small homes built] in the eastern side of central London along the canals. There are lots of developments there and they are mostly aimed at the lower end of the market at about the £350,000 range."
However, he noted the works being carried out in order to prepare for this year's Olympic Games have been on a much larger scale than the typical developments that have been seen and as a result, these projects tend to skew the figures upwards somewhat.
Mr Ellis's comments follow those of Liam Bailey, head of residential research at Knight Frank, who recently noted the massive levels of investment that have been made in the east of London as a result of this year's Olympic and Paralympic Games will have a long-lasting and positive impact on the area.
He commented: "Once the Olympics are finished and you can see the Olympic Village being transferred over to housing and so on, then it will become more apparent all of the improvements that are being been made there. That is what will drive the market there."
Meanwhile, figures compiled by Cluttons recently revealed there has been a rise in the number of smaller homes being sold in peripheral areas of the capital, as owners look to monetise their assets.
As a result, the market is now seeing a significant supply of one-bedroom apartments and smaller semis and detached homes.
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