New homes in east London 'an opportunity for FTBs'
21st Aug 2012
Buying a new home in east London could provide a great opportunity for first-time buyers to take their first step onto the property ladder in the months and years ahead, one analyst has suggested.
According to Nigel Ellis, director at Prickett & Ellis, much has been made of how the east London property market is likely to perform in the wake of the Olympics.
The expert said that this all depends on how the situation is handled, both from a developer's point of view, and from the buyer's perspective.
"If they are going to convert a lot of flats for resale in that area then, with the market being driven by supply and demand, a big influx of new properties is going to have an adverse affect on prices," Mr Ellis said.
The only potential stumbling block could be whether there are enough buyers, he suggested, adding that some of the accommodation could be sold to investment consortiums buying the flats for rental.
"If there are a lot of extra flats on the market, then that could affect market prices negatively. On the other hand, it will be an opportunity for people to buy their first home hopefully," the property expert added.
Posted by Staff Writer: Robin Stenson
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