Houses around the olympics

[jackso11]

I live about 5 mins walk away from the new stadium however I live with a mate (we bought the house together with a view to selling after the olympics) and am wondering when is a good time to sell.

We were going to rent it out during the games, then sell. However there is an increasing amount of press about property prices in the surrounding area going down after the games due to the olympic village being full of flats.

 

I wondered if there are any property investors on here who could give me an opinion/advise?

[Abz]

I was planning on buying property there, I don't live too far (Isle Of Dogs, Docklands) though decided against it when I thought property prices were going too high and we was going to burst the bubble soon enough. I know of relatives who have brought in the area on the same idea, though sadly they over paid for their house as this was before the recession & they haven't gained anything yet. They are under the illusion that when the Olympics kick off they will make a fortune & then sell the house to make a tidy profit.

 

The issue is, the Olympics will run for roughly a couple of weeks, during this period the main places which will profit are the hotels.

 

A lot of people have brought with this intention so, come after the Olympics the market will be flooded, in which case for people wanting to get a sale it will end up with dropping prices to make their house more saleable. The main the Olympics is being is the regeneration of the local area but this main just includes the Westfield's shopping centre they are doing in Stratford and the Olympic village, which I am pretty sure will become difficult for the local authorities to fund after about 1 year.

 

I'd say if you have a good property then weigh it out until after the Olympics, at the moment the market is pretty bad for sellers but good for people who have the money to buy a house. Things will get worse for the market with the Bank Of England raising the 0.5% Bank rate this year, though no confirmed time on when they will be doing this. With the VAT increase and petrol, food & general fuel costs (Bills) it is going to be difficult for a lot of home owners.

 

Just to point out that although I have property(s) of my own, this my opinion from my own research & interest.

[Geo]

rent it for the few weeks that the olympics are running, you will make a packet. My Ex's folks do this for the Open in troon when the golf is on, and they make a killing. Americans pay silly money

[stevie_b]

How far do you think this rental bubble effect will spread? West London/ Heathrow area for example? Not for my purposes, I live in Basingstoke. Although if Victoria Pendleton needed a room for the night near to the Basingstoke Aquadrome, I'm sure I could accomodate her.

[supra_aero]

I bought a flat v.near the stadium as well. Likewise with a view to sell in 2012. Though I am really no at all bothered if it doesn't sell.

 

Stratford surprisingly is still incredibly cheap compared to the rest of London. With the new Westfield/Stratford international station and the City of London AND Canary Wharf being so close its only a matter of time until the value is realised. It's 20 mins from central London by central line. Stunning rail network connections.

 

Crossrail will travel through it shortly. John Lewis (biggest in country I believe) is coming this year.

 

So if it goes up lots by 2012 and I get offered silly money... I'm selling. If its not valued highly I'll rent it (my rental income is incredibly good despite me buying at the peak in '07). And I'll obviously rent it throughout olympics too .